StIP dissolved

December 23, 2010 3:17 PM

The story of the Institute Implementation Privatization Government NV’s (StIP) is finished.

Earlier this week, the official transfer of the shares from government NV’s –associated with the institute– to the country Curaçao was completed by the agency of notary Mike Alexander in the presence of Premier Gerrit Schotte (MFK). StIP was established in 2000 and given the task to privatize a series of government NV’s. The shares of the government NV’s to be privatized were classified under the new institute, whereby StIP became legal shareholder. The island government remained the economical shareholder. However, the articles of association mentioned that StIP had to receive permission from the island-territory prior to transferring shares from government NV’s.

Over the years, the privatization order changed into attracting strategic partners, while the organization had also assumed the role of watchdog whether one complied with the guidelines of good corporate governance. During their existence, StIP became involved with the privatization of the World Trade Center (WTC), the postal company New Post Netherlands Antilles (NPNA), the strategic partnership of Aqualectra with Mirant and between the local airport (Curinta) and Curaçao Airport Partners (CAP). However, for some considerable time, the local politicians had been thinking about dissolving StIP. The parties were of the opinion the shares from government NV’s should not be placed elsewhere but directly under the government. The intention to dissolve StIP and to bring the shares under the government again, was mentioned in numerous action programs and government agreements during the past years. However, it was the current coalition of MFK, PS and MAN, who eventually succeeded in dissolving StIP – albeit with a struggle. Two board members, Joel da Silva Gois and Henri Emerenciana had gone to court contesting their dismissal, but the judge had ruled against them. The last Board of Governors of Curaçao had appointed a new StIP-board, consisting of distinguished officials of the island-territory, who dealt with the dissolution of the former privatization institute. In a press report, the government declares that the process of placing the shares with the government again and the decertification have been completed in the meantime. Upon the establishment of the Institute Implementation Privatization Government NV’s (StIP), the new institute had been entrusted with the privatization process of fifteen government NV’s. At that time, it had regarded the former Curaçao International Airport (Curinta) and the Hato Area Development Company (currently merged in the Curaçao Airport Holding), Giro Curaçao, the Exploitation company International Trade Center (currently the World Trade Center Curaçao), the Development Bank of the Netherlands Antilles, Selikor, Curoil, The Information Office (now Core nv), Bus Company Curaçao, Curaçao Industrial and International Trade Development Company (Curinde), Buskabaai nv, Integrated Utility Holding (Aqualectra), House-construction Curaçao and telephone company UTS. However, the transfer of the last mentioned NV to StIP was never formalized.

(Source: National Newspaper Amigoe)

21 December 2010