Unemployment looms as Central Bank shuts down Rapidito Courier Services

3742
Stack of One Hundred Dollar Bills U.S.

 

PHILIPSBURG, Sint Maarten — Recently, the Centrale Bank van Curaçao en Sint Maarten (CBCS) published an announcement informing that it will, no later than July 4, 2017; publish its decision concerning the application of El Mas Rapidito Courier Services N.V. to offer money transfer services pursuant to the Foreign Exchange Regulation Curaçao and Sint Maarten (2010).

The CBCS hereby announces, that based on its assessment of the documents submitted it was concluded that El Mas Rapidito Courier Services N.V. does not satisfy the conditions set forth to be eligible for a license to provide money transfer services. As a result the CBCS has not honored El Mas Rapidito Courier Services N.V.’s request for a license to provide money transfer activities.

El Mas Rapidito has about 12 employees that have been working for the company for many years; some has been working there for over 16 years. The future of all staff members is in jeopardy and the company will be forced to lay off all these workers.

The government of St. Maarten needs to look into this issue between CBCS and El Mas Rapidito to ascertain if indeed the case has been handled in a just manner, as a means of salvaging the jobs of the staff of El Mas Rapidito, of whom it will be very difficult to enter the job market due to their ages of 40 to 50 plus years.

Apparently the staff of El Mas Rapidito was informing clients this week that the system is down and they do not know when it will be back up and running. It has been reliably told to 721 News that staff members knew since Sunday that they were not allowed based on the decision of the CBCS to carry out any transactions as their license was not granted and a stop to conduct future business transactions was placed by CBCS.

This in turn forced El Mas Rapidito to call all clients who did their transaction on Sunday to return and collect their money.

Efforts were made by 721news to contact management of El Mas Rapidito, but unfortunately no one could be reached for an official comment.


Here is the announcement as it was publish on their website of CBCS:

ANNOUNCEMENT

Recently, the Centrale Bank van Curaçao en Sint Maarten (CBCS) published an announcement informing that it will, not later than July 4, 2017, publish its decision concerning the application of El Mas Rapidito Courier Services N.V. to offer money transfer services pursuant to the Foreign Exchange Regulation Curaçao and Sint Maarten (2010).

The CBCS hereby announces, that based on its assessment of the documents submitted it was concluded that El Mas Rapidito Courier Services N.V. does not satisfy the conditions set forth to be eligible for a license to provide money transfer services.

As a result the CBCS has not honored El Mas Rapidito Courier Services N.V.’s request for a license to provide money transfer activities.

Willemstad, July 4, 2017
CENTRALE BANK CURACAO EN SINT MAARTEN