Published On: Sun, Feb 17th, 2013

Korpodeko owner of Insel Air: with 20%, second largest shareholder

Insel Air - Embraer EMB-110P1 Bandeirante - PJ-VIA (c/n 110387)WILLEMSTAD – After a long investigation, Curacao Chronicle has found evidence that the Government of Curacao, represented by the Foundation for the Development of Curacao (Korpodeko) is the second largest shareholder of the aviation company Insel Air.

Curacao Chronicle has  researched the ownership and Department Of Transportation (DOT) of the USA filings regarding Insel Air and have learned that in  the most recent filings, from November 17, 2009, with DOT made by Insel Air International BV, which does indeed disclose that they advised DOT that they are 20% beneficially owned by the corporation:  Stichting Korporashon pa Desarovo di Korsow (Korpordeko), [See: Exhibit C - 11/09/09 Declaration of Albert J. Kluijver, President & CEO of Insel Air].

Insel Air is not a completely  private company. 20% of it is owned by the people of Curacao and still the Government (read the people) does not have representation in the management nor board of directors as it is the case with all public companies or companies partly owned by the Government. In fact, recently the shareholders sent a letter to the Minister of Traffic, Transportation and Urban Planning, Mr. Earl Balborda signed by the shareholders and in which Korpodeko does not even appear.

To view full document click here.

Declaration

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  • Fucifino

    Wow…a 3 year old public filing. Anything more current that might be considered, you know, news?

  • Eagerbeaver

    Thsi news site is a joke sponsered by DAE. Everybody knows this and does not worry because Korpodeko is making money on these shares of Insel air. This is a good thing!!

    Unilke the shares korpodeko has in DAE which are only losing value. Even worse they in teh last 2 years they have invested 12,7 million in DAE and gave them a bank garantee so that wetlease with Falcon air Ramiz’s company would be garanteed payment.

    Rumors are spreading that the precarious financial situation of Korpodeko is caused by the loss of value on DAE shares as they only make more debts and can not pay bills.

    • Marge

      Recently Insel Air has spoken that DAE have a ‘preferencial treatment’ by the government (korkopodeko) and now EVERYBODY knows that Korpodeko is the second largest shareholder so why Insel Air has spoken that?

      • Eagerbeaver

        Because DAE keeps denyingthe fact that Korpodeko is helping them. Insel Ari got NAF2.3 million from Korpodeko and i’ll bet that their shares are now worth alot more! Insel Had to cleary specify what they needed the money for and prove that they have used it for only that purpose.

        In DAE’s case Korpodeko has 100% I repeat 100% of the shares and it is unclear what they were going to do with the money. It is unclear who the owners really are. So who would you say get preferential treatment. Do not forget DAE got $12,7 million from Korpodeko. And now the COmpany has $95 million debt. When Ramiz came and DAE got these $12,7 million the debt was (only) $32 million.

        And now all of a sudden Ramiz’s company has 100% of the shares? Without paying any money? Does this seem logical to you Marge? Korpodeko wanted to help DAE grow again but Ramiz has run it ionto the ground so that he can get it for free and Korpodeko and the people of Curacao are left with a debt of $95 million.

        That korpodeko invested money in Insel is noting new Marga.

        • Marge

          Eagerbeaver Korpodeko owns 20% of INSEL AIR and you are saying that they only gave 2.3million?

          • Eagerbeaver

            Yes They gave 2,3 million in 2009. Just imagine how much the shares are worth now after all the growth the company has gone through. And how much money Korpodeko has made of of these shares. Remember Insel air started in 2006 with 1 Embraer 110 with 15 seats and look what they are now. What did the 12,7 million they gave to DAE give them? Only more debt and losses according to some sources.

  • Dena

    Every business has his strategies