WILLEMSTAD – TeleCuraçao is in a financially vulnerable and unsustainable position, with negative equity of ANG 6.7 million and rising debt despite a reduction in its annual loss, according to an assessment by government corporate governance adviser SBTNO.
The warning concerns the 2024 financial statements of Antilliaanse Televisie Maatschappij (ATM), the company better known to the public as TeleCuraçao.
Although the television station managed to reduce its net loss to nearly ANG 900,000 in 2024, SBTNO says its overall financial condition remains a serious concern.
TeleCuraçao ended the year with negative equity of approximately ANG 6.7 million, meaning its liabilities substantially exceed its assets. The company’s debts have also continued to increase.
SBTNO considers the situation financially unsustainable and says urgent attention is required to safeguard the future of the government-owned television company.
The regulator also identified shortcomings in TeleCuraçao’s financial reporting. The 2024 financial statements were submitted without the required independent auditor’s opinion, raising concerns about compliance with applicable reporting requirements.
Corporate governance remains another unresolved problem.
According to SBTNO, TeleCuraçao still does not comply sufficiently with Curaçao’s corporate governance rules, despite the obligations applying to government-owned entities.
SBTNO is therefore urging the Minister of Traffic, Transport and Urban Planning (VVRP), under whose responsibility the entity falls, to urgently address the company’s governance structure.
The adviser specifically calls for TeleCuraçao’s articles of association and corporate governance arrangements to be brought into compliance with the applicable requirements.
The findings indicate that reducing the annual loss alone has not been enough to restore the broadcaster’s financial health. With millions of guilders in negative equity and growing liabilities, TeleCuraçao remains in a precarious position that will require more fundamental financial and governance measures.