Former SunResorts Auditors Suspended Over Mullet Bay St Maarten Valuation Failures
ZWOLLE – Former Mazars auditors Cees Rokx and Petra Pupping have been
https://stmaartennews.ai/all-new-videos-french-quarter-fight-dutch-police-arrests/
suspended for four months from the accountants’ register, effective May 26.
The Accountants Chamber in Zwolle issued this disciplinary ruling after determining that
both failed in their audit duties for SunResorts Ltd. N.V.,
a key entity within the Ennia group.
The Central Bank of Curaçao and Sint Maarten (CBCS), acting in the interest of the
financially distressed insurer Ennia,
filed the complaint.
The matter centers on significant lapses in professional judgment during audits conducted by Rokx and Pupping.
The suspension underscores the importance of due diligence,
especially in cases with far-reaching financial implications.
The controversy stems from the valuation of the Mullet Bay property,
the largest undeveloped beachfront parcel in Sint Maarten.
The auditors accepted a book value of nearly 770 million guilders without conducting adequate verification. https://sxmnews.ai/new-video-kpsm-police-stopping-vehicles-maho-st-maarten/
This figure relied heavily on a flawed and insufficiently substantiated appraisal by
Jean-Paul Enriquez Associates.
Crucially, previous valuations had estimated the land’s worth at less than half that amount.
This oversight had serious consequences.
The overvaluation became a central issue in civil proceedings against Ennia’s majority shareholder,
Hushang Ansary.
Courts have found that Ansary siphoned hundreds of millions of guilders from Ennia,
using the inflated land value to justify unjustified dividend payments.
As a result, Ennia’s financial foundation deteriorated,
leading to massive losses for policyholders in Curaçao and Sint Maarten.
Despite the gravity of the situation, Rokx and Pupping failed to demonstrate professional skepticism.
They neglected to obtain essential audit evidence,
especially when inconsistencies in valuation were apparent.
Their actions fell short of the ethical and professional standards required in audit practices.
Ultimately, the Accountants Chamber’s decision sends a clear message.
Auditors hold a critical role in ensuring financial transparency,
and failures in this responsibility carry serious consequences.
The four-month suspension not only penalizes the individuals involved but also
reaffirms the public’s expectation of integrity and rigor in the audit profession.