WILLEMSTAD — Loans totaling more than 700 million guilders issued by the Curaçao government have been deemed unlawful by the General Audit Chamber due to missing legal authorizations and contracts.
One of the most serious findings concerns a 432.7 million guilder loan granted in 2020 to Hospital Nobo Otrobanda Real Estate and Management N.V., which was never formalized in a legally binding agreement. Because the loan remains undocumented, it continues to be classified as unlawful in the 2023 accounts.
In addition, a 291 million guilder loan issued to support GI-RO Settlement Holding N.V. was signed without the required national decree authorizing the Minister of Finance to do so, rendering the transaction illegal under public finance law.
The Audit Chamber warns that such practices expose the government to major financial and legal risks and reflect deep shortcomings in governance.