Published On: Tue, Jan 8th, 2013

Ramiz Group (DAE) will not run but is taking over 30 million in debt

WILLEMSTAD  Manager of the aviation company DAE, Nelson Ramiz, energetically refutes tendentious information in a sense that his group is trying to escape from DAE’s major debt and pushing the Government with this. Ramiz, in a  declaration to Extra, is saying once more that Korpodeko and the Curacao Government has not invested in DAE. The company received a loan from Korpodeko. Ramiz also emphasizes that DAE has more than 300 employees working hard and the company continues to grow offering security to its employees.

Ramiz, reacting on an article published by Extra, explains that there are two loans from Korpodeko and both of them are before his time. The first is a 3 million dollar loan to Sandmann and the second 3 million loan is to Stanley Betrian with the goal to maintain the jobs at the company. Ramiz indicates that he knows about these loans because when he was doing his feasibility study of due diligence on DAE of course he saw these details. The principle problem between Korpodeko and Sandmann is that the latter has sold the company to Leonora without informing or receiving approval from the institute. By the way, today January 8, the judicial court is pending the case between these two parties. DAE is not part of this case.

In his explanation, Ramiz has shown that he had the option to buy DAE and that he took this opportunity. This encloses that he buys the company for 1 euro but that he has to accept the debts which amounts up to 30 million dollars. A deal has been made for the ATR’s. 20 % of the debt has been paid and now DAE will start to pay the rest as indicated in the contract with the company. There is also an agreement for the debt with Maduro & Curiel’s Bank, there is an agreement with Giro Bank, with the company NAC and also AeroCentury where DAE leases aircrafts. From the moment there are agreements to pay off debt, there is no talking about running from paying debts. Ramiz continues explaining that his group is investing for almost a year now and they are not going to turn their backs and leave the company.

The issue of seat guarantee, the manager said that neither Korpodeko nor the Government has given DAE any seat guarantee. The other issue of fuel it is so that before Ramiz took over, DAE was already paying cash for the fuel from Curoil and that has not changed. DAE does not have a credit line with Curoil. Fact is that there is an old debt of 2 million guilders. Now DAE is paying cash for fuel for about 600.000 guilders and they get a discount for that. DAE is negotiating the use of this discount to pay off the old debt which dates before Ramiz’ time. DAE has a credit line with another company which is not in Curacao.

Furthermore the manager explains that DAE has 15 million dollars stuck in Venezuela with Cadivi. This puts pressure on the capital flow. DAE leases aircrafts from AeroCentury and all documents are available, so the rumors about an Arab company and hidden information is completely incorrect. Ramiz will not become DAE’s director, but when it comes that far he will appoint someone local to occupy that position. Nelson Ramiz believes that Curacao and DAE must be content that he is 100% owner of Falcon Air. This factor was the cause for the 40% increase on the important U.S. market.

About the problems of last few weeks Ramiz told Extra that on January 15 there will be another MD in Curacao and two ATR aircrafts which will be leased from NAC. Later on there will a third MD to operate the flights to e.g. Haiti. The problems were of technical and financial character.

DAE has known an enormous growth from 2011 to 2012. The quantity of aircrafts went from 2 to 5. The destinations were 6 and now 8. The amount of money generated were 2 million and went to 5 million and the employees went from 190 to 300, Ramiz concluded.

Source: Morning Newspaper Extra

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