WILLEMSTAD – The Court of Appeal has rejected the appeal of former Ennia CEO Ralph Palm, confirming a previous judgment that requires him to repay a substantial sum of money deemed unduly received. The decision, made public recently, upholds the original ruling from March 2023.
“The appeal is dismissed,” the three-judge panel declared, affirming the contested judgment. Additionally, the court ordered Palm and his management company, R.A.R. Palm Management Services, to jointly bear the legal costs of the appeal on behalf of Ennia.
Palm was found liable not only for undue payments but also for unjust enrichment. The total amount he must repay is approximately 3.7 million guilders, plus statutory interest. This obligation is separate from ongoing liability claims against a broader group of former Ennia executives.
The case involves EC Investments and Ennia Caribe Holding as plaintiffs against Palm and his management firm. Ennia demanded reimbursement from Palm on grounds of unjust enrichment and unlawful conduct. The claims relate to bonuses, compensation for housing and car expenses, and personal expenditures made with company credit cards while Palm was serving as CEO.
The initial court ruling largely granted Ennia’s claims, and the Court of Appeal, upon review, reached the same conclusion.
Enrichment Through Ennia’s Assets
The dispute stems from a management agreement signed on February 9, 2011, between Ennia Holding and Palm Management, under which Palm became the statutory director of Ennia Holding on February 14, 2011, and later of Ennia Investments as of January 1, 2012.
The sole shareholder of Ennia, Parman International, formalized Palm’s CEO remuneration in a decision dated April 28, 2011, signed by the then-owner Hushang Ansary.
On July 7, 2018, the Central Bank of Curaçao and Sint Maarten (CBCS) dismissed Palm from his position.
This ruling marks a significant moment in Ennia’s efforts to recover funds from former executives and reinforces the legal accountability of corporate leadership in Curaçao’s financial sector. The case remains under close watch as other legal proceedings continue against ex-management members.
