Published On: Sun, Feb 17th, 2013

Korpodeko owner of Insel Air: with 20%, second largest shareholder

Insel Air - Embraer EMB-110P1 Bandeirante - PJ-VIA (c/n 110387)WILLEMSTAD – After a long investigation, Curacao Chronicle has found evidence that the Government of Curacao, represented by the Foundation for the Development of Curacao (Korpodeko) is the second largest shareholder of the aviation company Insel Air.

Curacao Chronicle has  researched the ownership and Department Of Transportation (DOT) of the USA filings regarding Insel Air and have learned that in  the most recent filings, from November 17, 2009, with DOT made by Insel Air International BV, which does indeed disclose that they advised DOT that they are 20% beneficially owned by the corporation:  Stichting Korporashon pa Desarovo di Korsow (Korpordeko), [See: Exhibit C - 11/09/09 Declaration of Albert J. Kluijver, President & CEO of Insel Air].

Insel Air is not a completely  private company. 20% of it is owned by the people of Curacao and still the Government (read the people) does not have representation in the management nor board of directors as it is the case with all public companies or companies partly owned by the Government. In fact, recently the shareholders sent a letter to the Minister of Traffic, Transportation and Urban Planning, Mr. Earl Balborda signed by the shareholders and in which Korpodeko does not even appear.

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