WILLEMSTAD – Stichting Overheidsaccountantsbureau (SOAB) has urged that differences in legal interpretation be presented in a careful and proportional manner, emphasizing the need to clearly distinguish between actual violations of norms and legitimate execution of duties based on a reasonable interpretation of laws and statutes.
SOAB director Raymond Faneyte made the remarks in response to the sharp criticism expressed by the Algemene Rekenkamer Curaçao, noting that a more constructive dialogue between oversight institutions would have been preferable.
Faneyte’s reaction followed a parliamentary debate in which Minister of Finance Charles Cooper was asked to clarify SOAB’s role in relation to financial management tasks. According to the SOAB director, assignments related to the management of public funds are explicitly included in the foundation’s amended statutes, which were revised in August 2024.
He acknowledged that such assignments were not explicitly mentioned in SOAB’s statutes prior to 2023, but argued that this was not legally required. Under the Civil Code of Curaçao, he said, foundations are not obliged to list every concrete activity or project in their statutes. The key legal standard is that a legal entity must operate within the scope of its statutory objectives.
In SOAB’s interpretation, activities are permissible as long as they reasonably serve the organization’s statutory purpose. Faneyte referred in this context to Articles 13 and 50 of the Civil Code of Curaçao.
Addressing a specific case, he stated that SOAB’s role in budget management for the Colon/Kraamkliniek project does not conflict with its statutes. He further pointed to the National Ordinance on Financial Management, which allows the government to enter into service agreements with third parties and to transfer funds as advances to entities outside the core government structure.
To illustrate his point, Faneyte cited examples from other public entities. He noted that the statutes of Integrated Utility Holding, the parent company of Aqualectra, do not explicitly mention the provision of internet or telecommunications services, yet the holding established AquaTel to deliver fiber-optic internet services. According to Faneyte, this activity still falls within the broader objective of providing utility services.
He also referred to government-owned oil company Curoil, which is engaged in bunkering activities on Bonaire despite such activities not being explicitly listed in its statutes. In his view, these operations are consistent with Curoil’s general objective of activities related to petroleum products.
Returning to SOAB, Faneyte stated that through its support assignment for budget management at the Colon/Kraamkliniek project, the foundation assisted in ensuring proper execution of financial administration. He emphasized that budget management is inherently linked to financial administration, internal control, and overall financial governance.
SOAB maintains that its actions were carried out within a reasonable interpretation of its statutory mandate and has reiterated its call for a balanced and contextual approach when assessing the roles of institutions within Curaçao’s financial oversight framework.
