WILLEMSTAD – Curaçao’s Minister of Finance, Javier Silvania, has called for urgent clarification regarding the transition of José Jardim from a top position at the Central Bank of Curaçao and Sint Maarten (CBCS) to CEO of Banco di Caribe, a bank that was under the Central Bank’s supervision.
In a letter addressed to the Supervisory Board of the CBCS, Silvania raised serious concerns about the speed and transparency of the move, questioning whether proper procedures and ethical assessments were followed.
Conflict of Interest Concerns
Silvania stated that international standards discourage rapid transitions from supervisory roles to executive positions at regulated entities. He cited the European Central Bank’s policy requiring at least a one-year cooling-off period to prevent conflicts of interest and reputational damage. In other sectors, he noted, the standard is even longer—often up to two years.
“In Jardim’s case, only a brief internal restriction period was applied—starting even before his actual departure from the CBCS,” Silvania wrote, calling this disproportionate given the strategic nature of Jardim’s former role.
He emphasized that Curaçao’s small and interconnected financial market requires strict adherence to integrity standards, particularly from a regulator like the CBCS.
Lack of Transparency
Silvania criticized the Supervisory Board for approving the move without a transparent evaluation, public justification, or consultation with the Ministry of Finance.
“A supervisory authority should lead by example in transparency and due diligence,” he wrote.
He expressed concern that Jardim, as a former supervisor, possesses confidential information about other financial institutions—raising the risk that he could unfairly advantage his new employer, undermining fair competition and market trust.
Risks to the System
Silvania warned that the appointment places the Central Bank in a vulnerable position, exposing it to market imbalances, reputational harm, and possible legal and international repercussions.
“The perception that the supervisor is not upholding its own integrity rules is devastating for public trust in the financial oversight system,” the minister stated.
Call for a Full Investigation
The Finance Minister is demanding that the Supervisory Board of the CBCS provide a full explanation of the decision-making process surrounding Jardim’s departure and appointment. He specifically requested:
A review of the procedure and timeline of Jardim’s transition
Details on the approval and vetting of his new role
Clarification of Jardim’s possible involvement in the sale of Banco di Caribe
A clear outline of the Central Bank’s post-employment and integrity policies
This letter puts public pressure on the CBCS Board to account for a controversial appointment that, according to critics, could jeopardize the credibility of Curaçao’s financial regulatory system.
