FINSO having problems opening bank accounts on St. Maarten ---Ottley.

~ Official transfer from INSO to FINSO only finalized two months ago~

smmcconstructionsite15062020PHILIPSBURG:--- Minister of Health Omar Ottley said on Wednesday that he conducted some investigations to see what exactly was the problem with FINSO and the banks on St. Maarten. Ottley said that the transfer from INSO to FINSO was only completed two months ago. He said that the company has been trying to open a bank account on St. Maarten because they can no longer use the accounts belonging to INSO and this process is taking more time than necessary.
Ottley said the situation with FINSO and the New General Hospital Project is a point of concern and does have his attention and a meeting was held on Tuesday to deal with the current situation. He said because FINSO does not have an account set up they are unable to make large transfers to their contractors.
Ottley said he has been assured by the St. Maarten Medical Center and also provided with proof that the company is not in financial jeopardy and that they are having issues opening a bank account. The Minister explained that several Members of Parliament highlighted this issue and how it’s affecting the community.
The Minister it is expected that the issues regarding the bank account should be regulated within the next two weeks.
Asked by SMN News how long the New General Hospital project started and why only now the new company began the process to set up bank accounts. The Minister said the project was delayed due to the COVID-19 pandemic but they are on the right trajectory. He explained that were changes with the parent company in Italy and only now the company change finalized.