WILLEMSTAD – The controversy surrounding the sale of the former SEHOS hospital complex has escalated into a public confrontation between Minister Charles Cooper and bankruptcy trustee Danilo Narvaez, with the minister questioning whether the trustee properly established the property’s value before agreeing to sell it for XCG 10 million.
Cooper responded sharply to a letter issued by Narvaez on October 7 explaining why the bankruptcy estate rejected the Curaçao government’s higher purchase offer and proceeded with the sale to Otrabanda Village B.V.
In his response, Cooper argued that a bankruptcy trustee should obtain a reliable property valuation before disposing of an asset of such significance.
The minister supported his criticism by publishing excerpts from an August 2022 appraisal prepared for the Curaçao government by three valuation professionals.
The report estimated the former hospital complex’s market value at XCG 19.5 million and its forced-sale value at XCG 11.7 million.
Cooper contrasted those figures with the XCG 10 million sale price accepted by the trustee.
He also maintained that a new appraisal commissioned in 2026 placed the property's market value at XCG 26.3 million and its forced-sale value at XCG 18.5 million.
According to Cooper, the newer valuation was obtained to help the government determine how much it could reasonably offer for the hospital complex.
The minister used unusually strong language in his public response, questioning Narvaez’s judgment and suggesting that the trustee’s handling of the transaction was unacceptable.
Cooper stopped short of directly accusing Narvaez of corruption, although his remarks raised questions about the trustee’s conduct.
The exchange follows statements Cooper made during a Curaçao Parliament meeting on October 5, when he indicated that the government was considering legal action over the handling of the hospital sale.
Narvaez, however, presented a different account in his October 7 letter.
He explained that the government initially offered XCG 4 million in July 2025, subject to conditions including the withdrawal of a claim of nearly XCG 80 million against Curaçao.
The trustee rejected that proposal.
In February 2026, the government increased its offer to XCG 11 million, exceeding the XCG 10 million offered by Otrabanda Village.
Nevertheless, Narvaez said negotiations with the private buyer were already at an advanced stage and that withdrawing could have exposed the bankruptcy estate to claims for damages.
He also questioned whether the government had demonstrated that it possessed the funds and parliamentary authorization necessary to complete the purchase.
According to Narvaez, the supervisory judge was informed about the offers and ultimately approved the sale to Otrabanda Village.
The trustee further stated that the government raised its offer to XCG 15 million on March 6, four days after the purchase agreement with the private buyer had been signed.
Cooper’s publication of the 2022 appraisal introduces a separate issue into the dispute: whether the bankruptcy estate relied on an appropriate valuation when determining that XCG 10 million was an acceptable price.
The two sides are now presenting conflicting assessments of the transaction.
Cooper argues that the sale price was too low compared with the property's appraised value, while Narvaez maintains that the transaction was justified by the available valuation, the legal risks, the government’s unresolved financing arrangements and the interests of SEHOS creditors.
The documents published so far do not establish misconduct by the trustee. They do, however, raise questions about the differences between the valuation reports and the information available to the parties before the sale was completed.