Published On: Tue, Feb 3rd, 2015

Public entity Oil Refinery also with problems preparing annual account

ParliamentWILLEMSTAD – During his dissertation in parliament yesterday, Prime Minister Asjes stated that hopefully the public entity Refineria di Korsou N.V. (RDK) (Curaçao Oil Refinery Inc.) will be able to present its annual account for the year 2011. Once this is done, the annual accounts for the years 2012, 2013 and 2014 will be presented before the end of this year.

The share transfer from the utility company Aqualectra to the RdK not only keeps the water and electricity company in its grip but also RdK. Both Aqualectra as RdK has great difficulty to prepare the financial statements.

This problem dates back to 2011 when, under the government of Gerrit Schotte, Aqualectra was ordered to transfer the 49% shares it had in the Build, Own and Operate Plant (BOO) to the RdK without a corresponding monetary compensation. The utility company got in serious financial trouble because the value of the shares on the balance sheet were transferred from one day to another, which adversely affected the company’s own capital.

According to the Prime Minister, his government has been working now for more than a year to solve this problem. One of the solutions is to compensate the utility company for the shares, but the financial situation of the RdK is also in a dire situation.

Asjes said that there are external accountants currently evaluation RdK’s financial situation, but that the solution is at hand.

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