WILLEMSTAD – The Gemeenschappelijk Hof van Justitie has intervened in the affairs of Curaçao supermarket group Esperamos by appointing a temporary managing director with decisive voting power.
The court said there are sufficient grounds to order an investigation into the company’s governance and internal operations.
The intervention follows a shareholder dispute within the Esperamos group. Shareholder Candelaria requested an inquiry procedure and temporary measures, citing concerns over management, the company’s financial condition, and a lack of transparency.
According to the court, there are “well-founded reasons” to question whether proper governance has been exercised within the company.
One of the factors weighed by the court was the absence of annual financial statements for several years.
Reports from research firm InFocus, submitted by shareholder Candelaria, pointed to structural issues within the company.
These reportedly include inadequate internal financial controls, a worsening financial position, low returns on investments, and poor communication and decision-making within the shareholder structure.
To stabilize the company, the court appointed Roland Grosfeld of Beacon Financial Services as temporary managing director alongside the current management.
Grosfeld has been granted decisive voting power within the boards of the involved companies and has been tasked with helping establish a new and stable governance structure for the group.
Esperamos operates a supermarket chain in Curaçao dating back to the late 1960s. The company was formally established in 1971 and is linked to several corporate entities and family interests.
The court has also ordered a formal inquiry into the company’s policy and operational management. The exact scope of that investigation will be determined at a later stage.