Published On: Mon, Jul 15th, 2013

Green light for investigation into Aqualectra, Curoil and Curacao Refinery

courthouse-1WILLEMSTAD - The Common Court of Justice decided on July 15, 2013 at the request of the Public Prosecutor to appoint an investigator with the assignment to investigate the policy and affairs of the Curaçao government companies Aqualectra, Curoil, Curgas and Refineria di Korsou (Curacao Refinery)(RdK).

The Court held that there are reasonable grounds to doubt the correctness of policies in Aqualectra, Curoil and RdK - that was not the case at Curgas - and has determined that an investigation will take place at the three companies. The main reason is that the ratio between the management board, the supervisory board and the shareholders in these three companies was not in accordance with Book 2 of the Code of Corporate Governance, this against the fact of the deteriorating financial position of Aqualectra, Curoil and RdK.

Mr. J.H.M. Willems was appointed as an investigator. Mr. Willems was until 2009 Vice President of the Amsterdam Court and Chairman of the Enterprise Chamber. Since 2009 he has been a deputy judge in the Enterprise Chamber and Corporate Litigation, also a professor at the University of Groningen. Mr. Willems can be assisted by (local) experts. The investigator will prepare a report of its findings. This is not a criminal investigation, but a so-called civil survey.

At the request of the Public Prosecutor, the Court may then determine in a separate procedure that there has been mismanagement, if it appears that, in the opinion of the Court, the investigator’s report proves that there was mismanagement. Also, the Court may, if requested by those proceedings, take measures, such as the destruction of certain decisions.

Because the Public Prosecutor, in its request, mentions the names of O.C. van der Dijs, R.A. Treurniet and G. F. Schotte (former Prime Minister) they can be called as stakeholders for the session. The Court held that the request was not directed against them. An investigation like this can focus on the policy and affairs of a legal entity, not an individual.

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