PHILIPSBURG:--- Sint Maarten Housing Finance ("SMHFF") hereby announces to the general public that as per January 1, 2016 it will no longer provide financing for the purchase of dwellings or any other purpose for that matter.
Because of macro economical market changes the original core purpose of SMHFF to offer financing to the lesser privileged persons in our community is no longer required. Local financing institutions/banks have been offering mortgage loans for rates with which SMHFF cannot compete, for years.
Another main reason to discontinue the financing activities of SMHFF is the discovery by new Managing Board of SMHFF of severe financial shortages and/or significant unaccounted amounts in the financial administration over the book years
2011 till 2014. This is time period wherein Mr. H. Lynch managed SMHFF. The preliminary findings show that at least ANG 1.2 million is missing in SMHFF or has not been accounted for by the previous manager of SMHFF, over the book years
2011till 2014.
The discovery of referenced shortages was delayed because SMHFF also did not make any financial statements or budget for the book years 2011till 2014 under the tenure of Mr. Lynch. Moreover, because SMHFF, contrary to Sint Maarten Housing Development Foundation ("SMHDF"), does not have a statutory Supervisory Board of Directors.
The new Managing Board of SMHFF also discovered that under the management of Mr. H. Lynch various core tasks/activities of SMHDF were shifted to SMHFF, where 11 3 1-'are business transactions could be concluded without any -direct- supervision by the
Supervisory Board of Directors of SMHFF.
SMHFF is in the process of restructuring and amending its articles of incorporation to reflect its current activities and create an organization with the appropriate checks and balances.