Former Setar employee Egbert Yvan Koolman, 49, cut a deal with the prosecutor in his criminal case in Miami, he will be sentenced soon, fast and easy. Cheaper than a long expensive trial. His lawyer probably advised him to plead guilty and get it over with, because it’s his current wife that is paying lawyer fees.
We first read about the case in the media almost two years ago, when the Panama Papers exposed Koolman for taking bribes.
A few days ago, he “pleaded guilty for laundering millions in a kickback scheme with Miami mobile-phone vendors…. admitting that he pocketed $1.3 million in bribes to steer $45 million worth of Aruba government phone contracts to about 10 companies in Miami and elsewhere. Some of his purchases were second-hand phones that were unknowingly infected with porn.”
The memorable Koolman criminal case, ending his racketeering enterprise will wrap up in June, but no one is saying anything about the civil suit, and the other co-conspirators including his former wife, Evarina Debby Koolman.
Setar is not telling us what measures they instituted to make sure this never happens again.
Setar is not explaining anything about the colossal failure of their checks and balance system.
They are not telling us what went wrong. For ten years.
Are they now looking into their internal procedures?
What happened to well-publicized “know-your-customer, anti-money laundering rules?”
Just to refresh your memory: Koolman, whose job was to buy phones for Setar, directed his scheme for a decade. He was the Product Manager until fired in August 2016.
Top of Form
Bottom of Form
Koolman received hundreds of thousands of dollars from US mobile-phone vendors, which wired the money to his Panama bank accounts.
EXAMPLE: A Miami businessman paid him $705,000 in bribes in exchange for $23.8 million in mobile-phone orders from Setar.
Koolman spent some of the money on renovations for his house in Aruba, including pool repairs and solar panels, the lawsuit claims. Other funds were used to buy his son a pickup truck and pay rent and other expenses for his former mistress.
I did not find evidence that any of the cash was recovered, but some of it must have been.
The law suit in Miami sought damages from Koolman, his former-wife and the company’s former suppliers, based on his guilt admission to “bribery, bid-rigging, fraud and racketeering violations.”
Amazingly, if not for the Panama Papers, this bilking could have gone forever.
Koolman cheated the Aruban people out of millions of dollars because he could, Setar institutional controls sucked, and that’s why the company regularly paid 20 percent MORE for products, many of which were not new but refurbished, and infected with viruses and malware.
And THEY say they DID NOT KNOW?!