The return of 19.5 million euros to Suriname?

Happy Monday!

This week's newsletter covers a long-running case of the seizure of 19.5 million euros from Surinamese banks at Schiphol airport, strikes at the Anton de Kom University, and President Santokhi's dealings in India.

After 4 and a half years, a case of seized Surinamese assets sees the light at the end of the tunnel.

• In 2018, the Netherlands' Public Prosecution Service (OM) seized 19.5 million Euros from Suriname on suspicion of money laundering at Schiphol airport. However, the Amsterdam Court of Appeals has overturned the criminal seizure of the money from 3 Surinamese banks, the DSB (De Surinaamsche Bank), Hakrinbank, and the Finabank, and ordered its return.

• The return of the money has come as the court ruled it is highly unlikely that a criminal decision will be taken on its seizure in the future.

• Initially, in 2019, the court decision was overturned due to assumed immunity being related to the money due to the involvement of the CBvS (Central Bank of Suriname). As a result, it would violate public international law as the CBvS is immune from criminal proceedings.

• An appeal launched by the Public Prosecution Service (OM) in the Netherlands made its way to the Supreme Court where it was ruled that the decision was made improperly as the money did not belong to the CBvS but to the commercial banks, as such, the decision based on immunity was invalid.

• However, upon returning to the Amsterdam Court of Appeals, the complaint against the seizure was again held up as the seizure took place 4 and a half years ago, and there has been no follow-up on a criminal case.

• The Surinamese government and the banks are pleased with this decision as it will allow the return of the money which will allow the stability of the banking sector and possibly have a positive effect on exchange rates.

Strikes at Anton de Kom University van Suriname.

• For the past year, there have been disputes between the Union of Scientific Personnel University (VWPU) and the government regarding the salaries of the staff, however, an agreement has been hard to come by.

• As of January 2, 2023, the union decided to stop teaching and would strike in the future if there was no agreement.

• The dispute is due to the implementation of nominal salaries for civil servants and government employees from January 1, 2022, that the VWPU finds has been implemented incorrectly.

• While an agreement was reached in November 2022, there has been a lack of implementation from university management which has led to a cessation of teaching, examination, and other associated activities.

• In the face of an ultimatum on January 13, at 2 pm, at which the union would decide to hold a general strike, the Minister of Education, Science and Culture, Marie Levens, announced the securitization of SRD 16.8 million for the university’s scientific staff.

President Santokhi continues building Suriname and India's bilateral relationship.

• This week we continue to look at the bilateral relationship of Suriname and India.

• President Chan Santokhi and Indian Foreign Minister Subrahmanyam Jaishankar discussed the continuation of ICT projects as part of the bilateral relationship between the countries.

• An important topic discussed was debt restructuring. Fortunately, Suriname received approval from India for a technically negotiated bilateral debt restructuring. At the end of 2021, Suriname's debt to India was over US$ 38 million.

• Further topics discussed between President Chan Santokhi and Indian Prime Minister Narendra Modi were about hydrocarbons, defense, maritime security, digital initiatives, ICT, and capacity building.

• President Santokhi will continue his journey in India hold talks with Indian President Droupadi Murmu and attend various events in India, including the Global Investors Summit in Indore, Ahmedabad, and New Delhi.