PHILIPSBURG:--- “The communication by CBCS regarding the termination process of the former CBCS Director and the process of his appointment as Chief Executive Officer of a commercial bank is unacceptable under the current circumstances,” stated Minister of Finance Marinka Gumbs in a press release issued on Monday, July 14, 2025.
“The appointment was not properly communicated to the Shareholders. We were only informed after the fact.” In a letter dated June 27, 2025, the Minister of Finance was officially informed by CBCS of the formal resignation of the former director, which had been submitted on June 26, 2025. The letter also indicated that the individual would begin a new position on July 1, 2025, although no mention was made of the specific commercial bank name.
Additionally, it referenced decisions made within CBCS as early as December 1, 2024, regarding the matter, yet no prior communication was provided to the Shareholders, raising serious concerns about transparency and governance. The timing is particularly troubling, as Shareholders were only officially informed three days before the start date, despite standard practice typically requiring at least one month’s notice. The sequence of events raises questions and appears highly irregular.
The individual recently appointed as CEO of a commercial bank was, until recently, a Director at the Central Bank of Curaçao and Sint Maarten (CBCS). This commercial bank operated under the direct supervisory authority of the Central Bank.
Minister Gumbs expressed serious concern over the lack of communication with the Shareholders, calling it entirely unacceptable. She noted that the process did not begin in June, as suggested, but appears to have been underway since December of the previous year. On two separate occasions, she had to actively request information from CBCS after first learning of key developments through media reports. At no point was a meeting convened to inform the Shareholders of this significant transition or to explain what measures were being taken to prevent potential bias. In a small community like ours, timely and transparent communication, both to Shareholders and to the public, is essential to prevent misunderstandings and perceptions of partiality. In this respect, CBCS has fallen notably short.
“I have requested a meeting with the Central Bank to discuss this matter. I shouldn’t have had to do that in the first place. Still, I’m looking forward to this meeting,” she stated, pointing out that her position is in complete alignment with that of her colleague in Curacao, Minister Javier Silvania. Minister Gumbs emphasized that much of the current concern could have been avoided through timely and proper communication from CBCS.
Minister Gumbs said that the new appointment could further “complicate ongoing legal, political, or financial efforts to stabilize or assess the ENNIA process, including the vexed issue of Mullet Bay.”
“Stakeholders may question whether potential future opportunities for its executives influenced past CBCS decisions,” she added.
“This is not merely about optics; it reflects a failure in institutional safeguards and governance,” Minister Gumbs stated.
“The fact that the commercial bank was and still is a direct beneficiary of CBCS-led decisions, under the watch of its new CEO, makes this transition a textbook example of regulatory risk,” she explained, adding that it could be seen as borderline “insider trading.”
“The Supervisory Board must explain how this move was allowed to proceed and why no interim or ethical restrictions were applied,” Minister Gumbs continued.
She further pointed out that this decision raises issues of conflict of interest, especially in the absence of a cooling-off period, because the new CEO was involved in decisions regarding the sale or approval processes of entities, including the commercial bank itself, which he now heads.
“If accounting firms, for example, and many other companies have clauses that prohibit their executives from working for similar clients for a specified period of time after they leave or resign, it is unbelievable that a regulator like our Central Bank wouldn’t have such a requirement. That’s a big red flag for me.”
Moreover, Minister Gumbs stated that the appointment process raises concerns about the regulatory integrity of and public trust in the Central Bank. “In my view, it undermines the perception of CBCS as a neutral and independent regulator, and it raises questions about whether insiders are benefiting from privileged information or influence over regulated entities.”
Finally, Minister Marinka Gumbs stated that the whole matter strikes at the very heart of supervisory credibility.
“This could signal to the public and financial sector that former regulators can transition directly into the institutions they once supervised without consequence or scrutiny,” the minister stated, adding: “I am looking forward to the meeting with the Central Bank where I will further hear from them and also they will hear from me regarding what I believe should be the plan going forward. But something of this nature should never ever happen again.”
