Audit Chamber confirms alarming GEBE finances

Source: Daily Herald 2018!

The Hague—The financial position of St. Maarten’s electricity and water company NV GEBE is alarming, with the company losing about NAf. 2 million monthly and significantly depleted reserves. Since Hurricane Irma, GEBE’s income has dropped by 22.3%.

The Netherlands General Audit Chamber reported that GEBE’s financial troubles began before the hurricane, further strained by mismanagement and recent ransomware attacks. Despite efforts to restore services post-Irma, financial mismanagement and unpaid government bills have left GEBE struggling.

Key highlights include:

  • Monthly Losses: GEBE is losing NAf. 2 million monthly.
  • Reduced Income: Income dropped 22.3% post-Hurricane Irma.
  • Depleted Reserves: Cash reserves fell from NAf. 67 million in 2014 to NAf. 24 million in 2018.
  • Ransomware Attack: March 16th, 2022, attack worsened the situation.
  • Government Debt: St. Maarten government owes GEBE NAf. 8.6 million.

The World Bank and Dutch government have allotted funds for repairs, but conditions and mismanagement have slowed progress. GEBE’s financial and operational recovery remains uncertain.

Read the whole article on the Daily Herald