THE CUSTODY OF SECURITIES IN THE NETHERLANDS CARIBBEAN

Separate legal entity

Generally, securities that must be held by a Netherlands Antilles bank on behalf of its clients will be held by a custodian. In most cases the custodian is either a foundation (‘stichting’) or a wholly owned subsidiary (NV or BV) of the bank.

Car dealer declared bankrupt

The outstanding debt of Tauro Auto Center N.V. (the “Company”), recently declared bankrupt by the Court, amounted to 8 million guilders at a certain point in time.

Administrators do not apply good governance

The introduction of the Code Corporate Governance is a step in the right direction, according to the Business Association of Curaçao (VBC), which simultaneously concludes that administrators and parliamentarians themselves insufficiently implement the objectives of this code, namely stimulating the administrative integrity and financial transparency.

New Board Bar Association

In the Annual Meeting of the Curacao Bar Association Mr Cindy de la Fuente (lawyer at HBN Law) has been elected as secretary. She is the successor of Mr Daniel Zahavi, who was a board member for five years.

Former VROM head faces jail time

PHILIPSBURG--Although it was not allowed as evidence Wednesday in the trial of former Department of Environmental Development and Property Management VROM head Delano Richardson, the government accountants bureau SOAB final report on the issuance of building permits constantly “hovered” over this case dealing with the alleged criminal behaviour of a former department head.

NETHERLANDS CARIBBEAN BANK N.V. IN LIQUIDATION

Notice of Filing Final Account