WILLEMSTAD – In a report submitted to the Parliament of Curaçao, the government accountant’s bureau (SOAB) warns that the Social Workshop Fundashon Tayer Soshal (FTS) at Santa Martha, Bándabou, is on the brink of going bankrupt.

In this report, the SOAB states that from 2013 to 2017 there was an operating deficit of an average of 3 tons per year. “The financial statements show that both subsidy revenues and own revenues decrease, while there is no proportional decrease in costs. On the other hand, it appears that large stocks of finished products are still unsold, which puts pressure on the liquidity of the foundation.”

SOAB also notes that the so-called overhead costs are ‘often higher than the direct costs and that there is a high debt burden, which mainly consists of debts to the Social Insurance Bank (SVB), the General Pension Fund Curaçao (APC) and the Tax Authorities’.