⚖️ Update on Pan American case with police report releasing this week

while the economy struggles to find balance with lowered exchange rate

De Brief
March 04, 2024

Concerns arise regarding the alleged misuse of financial resources in the PPP with Pan American Real Estate NV for the North Area One project.
Calls for impartial and thorough investigations into alleged corrupt acts, including Surfin NV, HPSG hydrogen factory, human smuggling, vaccination purchases, and land allocation in Indigenous areas.
Society expects the Public Prosecution (OM) to act independently and adhere to existing laws and regulations, urging swift action on the mentioned cases.
The NDP, NPS, and BEP factions request Parliament Speaker Marinus Bee's involvement in a financial investigation by the Rekenkamer into the Pan-American Real Estate case.
The factions cite Article 28, paragraph 7 of the Suriname Audit Chamber Act 2019 to justify their urgent request.
They highlight the case's significance, labeling it as another high-level corruption scandal, with a whistleblower filing a criminal complaint against the President and the Minister of Public Works.
Concerns arise over violations of various laws and regulations, including the Accounts Act and the Anti-Corruption Act, based on whistleblower documents and public statements.
Urgency is stressed due to the perceived slow and politically selective treatment by the Public Prosecutor's office, with fears of evidence tampering by high-ranking parties involved.

The Public Prosecution office declined to receive a petition by Marcel Oostburg's
Oostburg plans to deliver the petition via a bailiff's writ, expressing dissatisfaction with the OM's behavior and accusing the Attorney General of double standards in handling cases.
Attendees at the demonstration criticize the OM's attitude, condemning the refusal to accept the petition and expressing concern over the US$8 million payment to Pan American Real Estate.
The police investigation into the Pan-American matter is progressing, with the file expected to be completed early the following week. Multiple government authorities, including the vice president and two ministers, have been questioned, and the Public Prosecution Service assures ongoing transparency regarding the case's developments.

Despite a slight decrease in customs rates for the next two weeks, consumers may not immediately notice a drop in store prices due to retailers still selling more expensive stocks.
Customs rates have decreased from SRD 36.61 to 35.45 for the US dollar and from SRD 39.48 to 38.43 for the euro, but global increases in container rates, fuel prices, and dredging fees impact import costs.
Additional factors such as increased electricity rates, rising wages, and international goods prices influence the final consumer prices.
The recent 5 to 6% price drop will have a longer-term impact once more expensive stocks are depleted, potentially leading to lower consumer prices.
Importers anticipate benefiting from consumer price reductions as it would allow consumers to purchase more with their Surinamese dollars, despite previous cambio rates being higher than the current cash exchange rate.

With the exchange rate for US dollars having dropped sharply by approximately 14% in a few days, exporters receive fewer SRDs when exchanging dollars, and are not satisfied.
Rising input prices, fuel, and labor costs may turn exporter profits into losses, leading to potential disruptions in the export industry, claims Swami Girdhari, secretary at the Association of Economists (VES)
Central Bank of Suriname (CBvS) expresses concern over the unexpected exchange rate decline, urging for clarity and action to stabilize the situation and protect the economy.
The Association of Economists also calls on the Central Bank to show leadership and protect society and the economy.