Published On: Wed, Sep 3rd, 2014

Korpodeko wins case against former DAE owner Nick Sandman

korpodeko-1WILLEMSTAD – Yesterday the Court of Justice ruled in favor of the development bank Korpodeko in the case against the former owner of the defunct airline Dutch Antilles Express, Nick Sandman. Sandman will have to pay the bank 7 million guilders (3.8 million dollars) with interest. This amount is a loan which was never repaid.

In 2011 Korpodeko gave Nick Sandman this loan to invest in DAE. But Sandman sold his shares in the company without Korpodeko’s consent.

Korpodeko always stated that the transfer of the shares to another party was illegal and that the person who received the loan is responsible.

The Court agreed with Korpodeko on this statement. This also means that DAE won the case against Sandman.

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