The Central Bank gets taken to court...and wins?

Happy Monday!

This week we are covering the Central Bank of Suriname being taken to Court by Clairfield, a financial advisory firm, while President Santokhi meets many new ambassadors to Suriname. 

The Belgian company Clairfield has to repay € 2.5 million to the Central Bank of Suriname (CBvS). 

This judgment was handed down today by the Brussels Business Court. Contracts had been signed by the then governor of the CBvS, Robert van Trikt, and Clairfield, a financial advisory firm. The court established that the agreements between Clairfield and the CBvS lack a valid basis.

The case was brought by Clairfield Belgium against the CBvS for payment of the outstanding bill of €320,000 euros. The company also filed a claim of €1.2 million for the wrongful termination of five contracts. However, the CBvS also filed a counterclaim, challenging the validity of the agreements.

Orion, the company of former CBvS governor Robert van Trikt, is also wrapped up in this case. After his appointment as governor of the CBvS, Ashween Angnoe took over as leader. Clairfield's CEO, Hans Buysse, Van Trikt, and Angnoe knew each other from previous projects and it also appears that various discussions were held with ex-Minister Gillmore Hoefdraad of Finance.

Clairfield sent seven invoices to the CBvS, six of which were paid. However, the CBvS refused further payment and Clairfield took them to court in Belgium.

The CBvS also filed a claim for annulment of the agreements and repayment of 2.5 million euros already paid to the Belgian company. And stated that on the basis of Suriname's Anti-Corruption Act, the agreements would be null and void. The Belgian court declared Clairfield's claim unfounded and justified the counterclaim of the CBvS.

President Santokhi accepts credentials from multiple non-resident ambassadors this week

Non-resident ambassadors from Sweden, Bulgaria, Peru, Qatar, Bahrain, the Holy See (the Vatican), Japan, Trinidad & Tobago, Mexico, and the EU presented their credentials to President Chan Santokhi yesterday. It is the first time an ambassador from Bahrain and Qatar has visited Suriname.

Each envoy had a bilateral meeting with the president briefly discussing the relationship and points of interest in the relationship between their country and Suriname with the President. Santokhi also exchanged his outlook on Caricom policy with the EU representative. On Tuesday and Wednesday, the ten ambassadors paid their respects to the president.

Canada’s Iamgold Corporation agreed to sell its stake in the Rosebel gold mine in Suriname to Chinese mining company Zijin Mining in a deal valued at $360 million

The Chinese miner will acquire Iamgold’s 95% interest in Rosebel Gold Mines, which owns the Rosebel operation, and a 70% participating interest in the Saramacca mine, a satellite for Rosebel. While the Surinamese government will retain the last 5% stake. 

The transaction is expected to close in the first quarter of 2023 or earlier, subject to conditions being met.

According to Maryse Bélanger, Chair of the Board and Interim President and CEO, Rosebel has been a valuable component for IAMGOLD and they are pleased that a company with the capabilities and reputation of Zijin, a leading global mining company will take over the operation which will benefit all shareholders. She also stated that they will work closely with Zijin in ensuring a smooth transition.