Whoever has control over actions within CPR BV also has control over Bullenbaai.
WILLEMSTAD - Judge Van Leeuwen did not commit to a quick decision in the summary hearing to resolve the conflict between the Curaçaoan, Erchenel Doran, and his former colleagues, directors Alejandro Marquez, Raul Socorro, and Leonardo Taborda. This means that, for now, Erchenel Doran retains control over the actions within CPR BV, but careful consideration must be taken regarding comprehensive treatment initiated by the same group of Venezuelans.
On Monday, following the summary hearing on June 5th, Mr. Van Leeuwen decided not to rush into a summary judgment on the current situation but rather to await a thorough treatment of Soccoro's group against Doran. In other words, the judge has withheld a decision until comprehensive proceedings have taken place. The judge explained that the transfer that took place in the shareholding, where Doran gained control over CPR BV, can be questioned, but that is not within the jurisdiction of the judge's decision during the summary hearing process, of course.
The problem with controlling CPR BV, the company that was involved in managing Refineria Isla, is related to the presence of 40 million guilders' worth of fuel oil in the tanks at Bullenbaai. In total, 490 thousand barrels that have been waiting since September 2022 for the owner to sell. In reality, up until now, neither the court nor anyone else has been able to determine who the actual owner of this multimillion-dollar batch of fuel oil is. One company, Knob Trading, which has a subcontract with CPR for facilities at Bullenbaai, is paying CPR, and another company, Socap, is paying Curaçao’s CRU (Curaçao Refinery Utility). The court also explained in its opinion that the parties involved in the dispute were completely negligent in explaining how these things are truly interconnected. This was one of the reasons why Judge van Leeuwen did not want to rush and opted for a thorough process. The day will come when the 40 million guilders' worth of fuel oil must leave Bullenbaai, and the rightful owner will benefit. Representatives of CPR, the former directors of the company, showed no interest in discussing the Isla Refinery project during the proceedings, leaving a significant interrogation at the court unanswered, questioning "why they are fighting for the interest of a company without mentioning important details."
The former directors of CPR BV have established a new company at the Chamber of Commerce.
After the company SOCAP submitted its bid for the Isla Refinery operations in March 2022, on June 14, Socap shareholders, together with Erchenel Doran, established CPR Holding (bearing in mind that CPR BV is the operating company and CPR Holding is the parent company). Doran Global Investment, owned by Erchenel Doran, was the company that established the Holding. Doran appointed Luis Giusti, Mario Chaar, and Billy Steblina as directors. On the same date, CPR BV was also established. All actions of CPR BV were within CPR Holding. As directors of CPR BV, Doran, Alejandro Marquez, and Raul Socorro were appointed. However, as issues of legitimacy arose and parliamentary treatments became delicate, conflicts emerged among the group of partners and directors. In the meantime, Luis Giusti, Chaar, and Steblina all resigned as directors of CPR Holding. Doran, as the sole remaining director, also stepped down, leaving the company without management while transferring the shares of CPR BV, which were under the control of the Holding, to the company Birux Investments BV. With this transfer, Doran gained control over the actions of CPR but also gained control over the contract at Bullenbaai, where 40 million guilders' worth of fuel oil is located.
The Socorro, Marquez, and Taborda group initiated comprehensive legal proceedings to regain control over their shares, but they also started an interim summary process to urge the court to:
Compel Doran to register Socorro and the shareholders again in the chamber's registry as directors of CPR BV.
Compel Doran to publish a rectification in the newspaper stating that Socorro and the shareholders are the legitimate directors of CPR BV.
Compel the Chamber of Commerce to re-register them as directors.
Van Leeuwen presented extensive arguments, emphasizing the need to question the integrity of the agreement regarding the Isla Refinery. In the Interim Summary Court, the content and purpose of the proceedings and the conflicting interests of the parties are being questioned. Therefore, the court questions the validity of a short-term decision while the parties are engaged in comprehensive legal processes. It is unclear whether a decision can be reached at the level of the contested summary, and therefore, there is no basis for rendering judgments on the claims. Each party bears its own costs in the process.