CAft thinks it’s important, and they explain why.
The CAft would like to point out that proper monitoring of financial developments at government entities is necessary, so that risks to public finances are identified and mitigated in a timely manner.
Amen.
We wrestled with the question of financial reports this week, as the Free Zone’s results 2012-2019, were finally signed by the minister in charge.
Why haven’t they been signed before?
Where’s the bottle neck?
On government level or at the Free Zone?
According to the Free Zone, they handed it all in, on time, and they have a sterling silver accountant on the payroll whose work is beyond reproach — it should have been approved in a yearly shareholders meeting as outlined in the articles of incorporation, not just handed in.
Ok, and what about 2020, and 2021 which according to law must have been handed in within 8 months of the following year?
Greg Peterson swears we’re picking on him for no reason.
Everyone is nice to the Aruba Airport Authority and not-so-nice to the Free Zone.
Apparently, this obligation to report, is an issue.
A College Aruba Financial Toezicht letter dates January 19th, 2021, politely asked dear Ms. Ruiz-Maduro, the following:
Pursuant to Article 8 of the National Ordinance Aruba Financial Supervision (LAft), the Board of Aruba Financial Supervision (CAft) requests you to send the annual accounts 2019 (and other years) of government entities and the budget funds of Aruba and the (provisional) annual figures 2019 of the entities within the public sector of Aruba.
And then the letter goes on to explain that this concerns the 2019 annual accounts of ALL public companies, institutions and foundations.
A detailed appendix is attached, CAft is very thorough, specifying which government entities are in arrear: Data from January 2021, maybe a few caught up, since.
The last report in CAft’s file: Utilities 2017; Arubus 2017; Post Aruba 2014; Compania Arubano di Petrolero, 2015; RDA 2017; FMSA 2017; Serlimar 2016; FCCA 2016; UNOCA 2015; SPCOA, 2014. Aruba Airport, Setar, DOW, IMSAN, SVB, UOAZV, APFA, CBA, and Staten van Aruba, are fully compliant.)
In the letter to the minister CAft solicits the current 2018 annual accounts and those still missing from before, they add that if the audited annual accounts are not yet available, they want to see the provisional annual figures.
At the end of the letter they recap that the Public Sector, must also present its provisional OR final reports by a certain date, and those figures should include expenditure, revenue, deficit and debt figures, for the previous year.
To emphasize their point, they explain that the annual accounts of government companies must be drawn up no later than 8 months after the closing of the financial year, unless the general meeting of shareholders has extended this term.
They want to see results, audited or not, higher deficit or lower surplus, whatever, as long as you file, and on time.
The letter adds: The CAft would like to hear from you as soon as you are able to make up for the aforementioned arrears.
Finally, the courteous: I hope to have informed you sufficiently with this, Yours faithfully, The chairman of the Board of Aruba financial supervision.
