WILLEMSTAD - The General Savings and Credit Cooperative (ACU) is under close supervision by the Central Bank of Curaçao and Sint Maarten (CBCS). On Thursday, the court declared an emergency measure at the request of the Central Bank.
The emergency measure grants the CBCS, as the financial sector regulator, the authority to implement certain restructuring measures to ensure the survival of ACU.
Several positions within ACU need to be filled with personnel who comply with existing governance rules. After the appointment of a Supervisory Board (RvS), the new board members will implement the new good governance rules. Then, the process of addressing the issues can begin.
In 2022, ACU also underwent a brief emergency measure due to restructuring. The measure was in effect from July 21 to July 27. However, due to the absence of a new RvS, no new good governance practices were established in the past year. As a result, the CBCS revoked ACU's licenses and requested the court to impose the emergency measure once again.