WILLEMSTAD – An investigation into five government-owned companies in Curaçao has suffered further delays after two of the companies failed to provide the information required by the Government Accountants Bureau (SOAB) within the agreed timeframe. The investigation, intended to assess the performance, governance and financial risks of public enterprises, has now been postponed several times since 2024.
The latest developments are documented in the implementation report for the Curaçao Country Package (Landspakket), which forms part of the reform arrangements between Curaçao and the Netherlands.
According to the report, the review of two government-owned companies could not be completed as scheduled because the necessary information was not made available to SOAB on time.
New arrangements were subsequently reached with both companies, with the revised deadline for completing their reviews set for the end of July 2026.
However, publicly available information does not establish whether the investigations were actually completed by that deadline.
The latest implementation report available on the website of the Temporary Work Organization (TWO) covers the period from April through September 2026. No subsequent report has been published.
Five Government Companies Under Investigation
The investigation forms part of measure B.2 of the Curaçao Country Package, which focuses on improving the governance, efficiency and financial management of government-owned companies.
Because Curaçao has numerous public enterprises, five companies were selected for the initial review.
SOAB has been tasked with examining whether these companies serve a genuine public interest, achieve their stated objectives and operate efficiently.
The investigation also covers corporate governance, management practices, internal operations and compliance with applicable government policies.
One area receiving particular attention is compliance with the National Ordinance on the Standardization of Top Incomes, which regulates remuneration for senior officials and executives in designated organizations.
The objective is to establish whether the companies operate in accordance with their public responsibilities and whether improvements are necessary to strengthen accountability and reduce financial exposure for the government.
SOAB confirmed in its 2025 annual report that the review of the five selected companies was still ongoing and was expected to be completed in 2026.
Deadlines Have Been Missed Since 2024
The investigation has experienced a series of postponements over the past two years.
An implementation agenda published in 2024 initially scheduled the final report for May 31, 2024. At that point, the project was already approximately two months behind schedule.
The deadline was subsequently extended.
In a 2025 progress report, authorities indicated that the reviews of all five companies were expected to be delivered in May 2025.
Under that schedule, the findings would first be discussed with the companies involved and the steering committee before being submitted to the Council of Ministers.
The entire process was expected to be completed by the end of 2025.
That deadline was also missed.
The latest available report subsequently identified additional delays involving two of the five companies and established another target date at the end of July 2026.
With that date now passed, there is still no publicly available confirmation that the investigations have been finalized.
Identities of Companies Remain Undisclosed
One of the most notable aspects of the investigation is the lack of publicly available information about which government-owned companies are being examined.
The documents reviewed do not identify the five companies selected for the initial investigation.
They also do not disclose which two companies failed to provide the required information within the established timeframe.
As a result, it is not possible to determine which public enterprises are responsible for the latest delays or what specific information SOAB was unable to obtain.
The available documents also contain no substantive findings from the individual company reviews.
This means the public has not yet been informed whether the investigations have identified weaknesses in corporate governance, operational efficiency, executive remuneration or financial management.
The absence of published findings does not establish that irregularities have occurred. However, it limits public scrutiny of a reform initiative intended to improve transparency and accountability within the government-owned corporate sector.
Financial Risks for Government
The review is intended to serve a broader purpose than assessing the performance of individual companies.
The findings and recommendations are expected to contribute to improvements in the Curaçao government's overall policy toward public enterprises.
They should also help strengthen oversight mechanisms and identify potential financial risks associated with government ownership.
Such risks are particularly relevant because financial difficulties within government-owned companies can potentially create additional obligations for the public treasury.
The Country Package reform measure is therefore designed to support more effective management of public assets and reduce the possibility of financial problems affecting government finances.
However, the repeated postponements mean that the government has yet to publicly demonstrate what concrete improvements have resulted from the investigation.
Questions Remain About Completion and Accountability
The continuing delays raise questions about the effectiveness of the process and the cooperation being provided by the companies under investigation.
Although SOAB has been conducting the reviews and new arrangements have been made with the two companies responsible for the latest setbacks, the public still lacks clarity about the status of the five investigations.
It remains unknown whether all five reports have been completed, whether their findings have been discussed with the relevant companies and steering committee, or whether recommendations have been submitted to the Council of Ministers.
Until updated information is released, the investigation remains an unfinished chapter in Curaçao's efforts to improve the governance and accountability of its government-owned companies.
The central question is no longer only what SOAB has discovered about these enterprises, but also when the government will make the results available and explain what action it intends to take.