Published On: Mon, May 12th, 2014

Jonis: Aqualectra’s position is weak

Official Parliament BuildingWILLEMSTAD - The position of the utility company Aqualectra is weak at this time. This is according to the Director Darick Jonis during a Central Committee meeting of Parliament. The company has had many financial losses in the past period.

In 2008 and 2009 there were losses of 39 million guilders. In subsequent years, the deficit rose to 81 million (2010), and since then it has fallen to 75 million (2011) and 49 million (2012), while in 2013, the company is taking into account a deficit of 20 million guilders.

Various MPs had asked during the first round of questions from the meeting in February this year to both Finance Minister Jose Jardim and Jonis to provide information about the financial position of the company and the reasons why it is now clearly in trouble.

Jardim pointed to the lack of adjustment of utility tariffs in accordance with the fuel prices, which had not occurred before 2012.

The transfer of the symbolic sum of one guilder of the shares in the Aqualectra BOO central to the Refineria di Kòrsou (RdK) was cited by the Minister.

The latter was the reason for the government to give green light to a recapitalization worth 110 million guilders in Aqualectra and internal actions, which the company is currently taking to cut back on its expenses and to start operating efficiently, while also becoming attractive for both local and foreign investors.

Jardim did not go into the question of who should be held personally responsible for this. He referred in this context to the public survey conducted at this time, to the mismanagement at several public companies.

Jon has also cited the lack of economic growth on the island as one of the causes of the problems which the company faces.

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