ORANJESTAD- STUCO N.V. on Friday has sent out a press statement in regards what the company describes as ‘baseless’ accusations. 

STUCO NV says that the Company has taken note of what they call ‘defamatory attacks’ lodged against the Management of STUCO NV and by extension the Supervisory Board of Directors. These, according to the release, were made by a member of the Island Council of Sint Eustatius both in an Island Council meeting and through the media. While the name of Clyde van Putten is not mentioned, STUCO is obviously referring to the comments of Councilman Van Putten. 

“STUCO NV is operated, managed and supervised in accordance with the WEDBES, the Code of Corporate Governance, and its articles of incorporation and the applicable laws of Sint Eustatius. In every detail of operations and supervision the applicable laws and regulations, company policies, budgets, agreements and arrangements are fully respected”, says STUCO. 

The Company also states that following those laws and regulations, Management of the Company reports to the Supervisory Board of Directors and the Supervisory Board reports frequently to the shareholder, including annual audits. “Insinuated disrespect, mismanagement or illegal use of company property or offered facilities have no merit and are unsupported. At no time was STUCO NV placed under a financial review for mismanagement by its director. Statements of that nature are false and defamatory and disregard the actual facts”, according to STUCO.

Review

According to STUCO a financial review executed in 2019, in light of subsidy requests of STUCO NV to lower the utility rates for the people of Sint Eustatius, is publicized on the website of the Kingdom government. The report, according to the Utility Company is clear both on intent and findings, which supported the subsidies to be granted. Any portrayal of this process otherwise is misinformation. 

“While we can understand the experienced frustration due to recent electricity price increases, it should be noted that these price increases are the result of the global fuel price increases. STUCO’s solar production has dampened the effect of global price increases. This is another reason to continue STUCO’s efforts to reduce fossil fuel use for electricity production”, the release concludes. 

Criticism

Van Putten, on various occasions, has accused the Management of STUCO, and in particular director Fred Cuvaly of being arrogant and placed question mark surrounding the use of the Company Vehicle by Cuvelay’s domestic partner. 

Van Putten is also critical towards especially Government Commissioner Alida Francis for what he calls ‘withholding information’, ‘not being transparent’ and ‘condoning bad Governance’. Van Putten has requested for Management and Supervisory Board to be present in an Island Council meeting to answer questions from Council members, a request Francis so far has denied. The Government of St. Eustatius is the 100% shareholder of STUCO.