~ Illegal deals will send medical insurance company belly up while Supervisory Board dormant ~
PHILIPSBURG:--- The Social Insurance Bank of St. Maarten (SZV) may soon go belly up as they stand to lose at least 85% of their monthly revenues since the passing of hurricane Irma a month ago. With several large hotels and businesses not operating these companies that pay monthly premiums to SZV will most likely not make their payments for the next few months.
According to data provided to SMN News, SZV has one-third of its expenses locked into consultancy fees. Consultants such as Sedly Laurence, and Jerone Veen have been making Naf. 30,000.00 monthly, while housing and car allowances are not included in the monthly fees. SMN News further learned that SZV Director Glen Carty is trying his best into forcing Veen into the current organization by having him fill the vacant Chief Operations Officer (COO) position.
While SZV stands to lose so much revenue SMN News understands that the director of SZV Glen Carty chose to charter an aircraft shortly after the passing of hurricane Irma to airlift SZV employee to Curacao, while doctors, pharmacies and the SMMC is fully operational SZV took at least four weeks before opening their door to grant much-needed services to the community of St. Maarten. According to information provided to SMN News to date, all of SZV employees that are being paid fully have not returned to the island even though SZV building suffered minimal damages. It is further understood that some of the employees are refusing to return to St. Maarten as they are not willing to work and live in the current conditions, one source said that many employees on St. Maarten may face dismissal since SZV is unable to keep its full staff while having so many overhead expenses.
While SZV will be losing a substantial amount of monies, it is also understood that the Director of SZV Glen Carty has made an agreement with Minister of VSA Emil Lee to grant government a soft-loan for the recovery and rebuilding process. Another plan Carty has to construct a new building for SZV while he has refused to purchase the current building that is currently housing SZV.
While SZV stands to lose so much and management has been spending carelessly on consultants and other investment projects the Supervisory Board of SZV has been on the sidelines doing absolutely nothing to safeguard the funds that SZV manages. SZV appointed Sharine Daniel as the Chairman of the Supervisory Board a year ago and to date, Daniel who is known for her hands-on approach has done absolutely nothing to safeguard and protect SZV and its finances. It is a known fact that Daniel has close connections to the Democratic Party who is a coalition partner of the current government thus she has been failing the people of St. Maarten by allowing mismanagement of the SZV funds which will land SZV in severe financial predicament. Another observation is that the Democratic Party have been extremely silent on the misgivings coming from the Minister of VSA Emil Lee who was appointed by the DP. Leader of the DP and Chairlady of Parliament Sarah Wescot Williams is yet to call Lee to Parliament and question him on how he is managing the labor and healthcare Ministry. It is quite noticeable that Wescot Williams has tons of questions for other Ministers even though she is part of the coalition but seemingly has turned a blind eye on the Minister her party appointed to office. Just over a month ago SMN News published an article that gave a full outline of the healthcare Ministry, it appears as though the Chairlady of Parliament missed that article since it was published just one week before hurricane Irma struck St. Maarten. That article can be viewed here for a stark reminder as to the current situation of the healthcare chain and SZV.