WILLEMSTAD – The Curaçao government is not yet proceeding with the independent investigation into the management and Supervisory Board of 2BAYS demanded by Parliament. Instead, Prime Minister Gilmar Pisas' Ministry of General Affairs has been tasked with determining whether the parliamentary motion can be implemented.
The distinction is significant because Parliament approved the call for an independent investigation by a wide margin: 14 members voted in favor and only one against.
The motion calls for an independent and in-depth assessment of the performance, capacity, leadership and results of both the management and Supervisory Board of the government-owned company.
The parliamentary demand emerged amid growing criticism over the pace of development of the former Isla refinery area.
2BAYS, formerly Refineria di Kòrsou, plays a central role in attempts to generate new economic activity at the refinery and Bullenbaai sites. Parliament considers the area important for investment, employment, the energy transition and Curaçao's future industrial development.
Criticism has intensified following difficulties with several projects.
During the parliamentary debate, the government confirmed that its cooperation with Oryx/Vigor had ended after the company allegedly failed to meet payment obligations. According to Prime Minister Pisas, six months of unpaid rent resulted in approximately US$10 million in lost revenue and operating costs for 2BAYS and subsidiary CRU.
The search for operators and investors has itself become an issue. Pisas told Parliament that approximately XCG 40 million had been spent since 2013 on the multidisciplinary project team involved in finding a new operator for the refinery and related facilities.
Parliament's motion goes beyond simply asking for an evaluation. It calls for the findings of the independent investigation to be used in preparing a new strategic plan for 2BAYS.
If the evaluation concludes that the existing leadership lacks the capacity to achieve the government's objectives, Parliament wants the government to use its authority as majority shareholder to take appropriate action.
The Cabinet, however, has now decided first to examine whether implementation of the motion is feasible.
No deadline has been announced for completing that assessment, and the government has not specified what legal, financial or administrative obstacles might prevent the independent investigation requested by Parliament.
The government has meanwhile complied with another parliamentary demand involving transparency at the company. The annual financial statements of 2BAYS for 2020 through 2025 were submitted to Parliament on September 9.
The next question is therefore whether the Cabinet will ultimately order the independent investigation Parliament overwhelmingly requested—and, if not, why not.