Published On: Mon, Feb 24th, 2014

Who is responsible for DAE’s huge debt?

DAEWILLEMSTAD – After the curator’s report was finished, it was clear that the defunct local airline, Dutch Antilles Express (DAE) left a huge debt behind. Who is responsible for that debt? According to the curators, that’s now the next phase of the investigation. One thing is clear; Curacao will never see that money again.

The curators have indicated that there are numbers indicating the profits and losses during the last years missing. “They are missing even though the consultant, Nelson Ramiz, always stated that the numbers are complete.

DAE’s funds in other countries will be used to pay these debts, in particular all those tickets bought in Venezuela and that were never used. The debt at Giro Bank will also be paid, even though the bank indicated that the funds in Venezuela will cover these. On the other hand, the local development bank, Korpodeko is also aiming on these funds stuck in Venezuela. The debt at Giro Bank is 35 million guilders and at Korpodeko 27 million guilders. The company also owes 8 million in taxes, 6 million to the Social Insurance Bank (SVB) and 2.2 million to the employees.

There are 630 creditors who have sent their invoices to the curators totaling a debt of 43 million guilders. The curators indicated that this number is not definite because they receive new invoices every day. Without DAE’s debt to Giro Bank, the total debt is 90 million guilders (about 50.84 million dollars).

Who is responsible for this debt? The investigation will now focus on answering this question. Those responsible will have to answer to all the company’s creditors.

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