Published On: Wed, May 13th, 2015

CFT has no grip on public companies

CftWILLEMSTAD - The Committee for Financial Supervision (CFT) has no idea when the government’s companies in Curacao will get it done to present audited accounts within the statutory period.

This is evident from the reply of the Dutch Minister of Kingdom Relations, Ronald Plasterk to the questions from the Lower House in the Dutch parliament in the latest semi-annual reports of the CFT on Curaçao and Sint Maarten.

Most government entities in St. Maarten does meet the statutory deadline, but the Minister indicates that he cannot give a definite answer regarding the entities in Curaçao.

Although the CFT has regular contact with the government, according to Plasterk, there is apparently no progress.

The Dutch parliament has been very worried for years about the so called black box. This is the lack of understanding by the CFT on the financial situation of the government’s companies. It is a public secret that some are anything but financially stable. Politicians in The Hague are concerned that the national budget provides no accurate picture of the risks facing the government.

According to Plasterk, there is a risk that the financial wealth of the government is favorably presented in the financial statements. The government runs the risk that the investments will be impaired, resulting in a reduction of wealth.

The minister acknowledges that losses suffered by the government companies are not reflected in the national budget because they are their own legal entities.

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