CHAMBERS GLOBAL 2016 LEGAL RANKINGS RELEASED

Karel Frielink ranked Band 1 again

Once again I have been selected as a ranked lawyer in Chambers Global 2016 identifying me as one of the best lawyers in the Dutch Caribbean (click here).

The Chambers Guides have been ranking the best law firms and lawyers since 1990, and now cover 185 jurisdictions throughout the world. Chambers ranks lawyers and law firms on several factors and considerations, all of which are investigated by their large team of more than 140 researchers. Today, Chambers and Partners released the 2016 edition, also covering the Dutch Caribbean.

Individual lawyers are …
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17
Mar 2016
CATEGORY

Legal

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FEITELIJK LEIDINGGEVEN

Feitelijk leidinggeven aan een door een rechtspersoon begaan strafbaar feit

De Hoge Raad (ECLI:NL:HR:2016:733) heeft vandaag een belangrijke uitspraak gedaan wat betreft de strafrechtelijke aansprakelijkheid van degene die feitelijk leiding heeft gegeven aan een door een rechtspersoon gepleegd strafbaar feit.

3.1.1. In deze zaak staat in enkele middelen het feitelijke leidinggeven aan een door een rechtspersoon begaan strafbaar feit centraal. Dat gecompliceerde thema is in recente rechtspraak weinig aan bod gekomen. De Hoge Raad zal daarom hierna, mede aan de hand van zijn eerdere rechtspraak, enkele opmerkingen maken over de strafrechtelijke aansprakelijkheid voor het “feitelijke leidinggeven” aan een door een rechtspersoon …
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26
Apr 2016
CATEGORY

Legal

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SUPERVISORY DIRECTORS ARE A TYPE OF BAYWATCHERS

When you dress a lizard in a suit you will have trouble with his tail!

A seminar on Financial Institutions and their Supervisor was held in Aruba on Wednesday April 20, 2016. The seminar was organized by the Aruba Bankers’ Association & Insurance Association of Aruba. I was one of the keynote speakers and delivered my presentation in the English language (click here for the presentation).

I have addressed several issues. Here follow a few quotes:

What makes financial institutions like banks and insurance companies special is that the scope of duties of managing and supervisory directors …
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21
Apr 2016
CATEGORY

Finance

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OVERZICHT PRIVAATRECHTELIJKE RECHTSPERSONEN

Aruba, Curaçao, St. Maarten en de BES-eilanden

Aruba

Aruba kent de naamloze vennootschap (NV), de Aruba Vrijgestelde Vennootschap (AVV), de Vennootschap met Beperkte Aansprakelijkheid (VBA), de vereniging, de coöperatieve vereniging, de onderlinge waarborgmaatschappij en de stichting. De NV is geregeld in het Wetboek van Koophandel van Aruba en daarin is sedert 1 juli 1988 ook de AVV geregeld. Op 1 januari 2009 is de VBA geïntroduceerd met het van kracht worden van een gelijknamige landsverordening. Bij de VBA is het mogelijk om te kiezen voor een monistisch (one tier) of dualistisch (two tier) bestuursmodel.

De vereniging is geregeld in de …
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19
Apr 2016
CATEGORY

Corporate

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IMPACT OF LIABILITY TO THE DIRECTOR OF THE DIRECTOR

Curaçao law cannot ‘break through’ to a legal relationship governed by foreign law

Under Section 2:17 subsection 1 of the Curaçao Civil Code, the liability of a legal entity as a managing director of another legal entity (the direct or 1st degree director) also rests jointly and severally on each person who at the time this liability arose for the legal entity was its managing director (the indirect or 2nd degree director). It applies to this indirect managing director as it applies to the direct managing director that he will not be liable if he can prove that he cannot …
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01
Apr 2016
CATEGORY

Corporate

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LANDSVERORDENING OPTIMALISERING OVERHEIDSGELIEERDE ENTITEITEN

Landsverordening bange bestuurders?

Hierna volgen samengevat enkele punten uit de PAO-cursus die ik op 17 maart 2016 heb gegeven. De hele tekst is te vinden door hier te klikken. Op pagina 14 begint het stuk over het ontwerp van de landsverordening.

Op 15 september 2015 is het ontwerp van de ‘Landsverordening optimalisering overheidsgelieerde entiteiten’ bij de Staten van Curaçao ingediend. De titel van het ontwerp klinkt goed: wie zal er immers tegen optimalisering zijn? Helaas is de inhoud van het ontwerp (beduidend) minder aantrekkelijk dan de titel.

Er komen specifieke normen voor Boek 2 BW-vennootschappen waarin het …
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18
Mar 2016
CATEGORY

Corporate

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$1.3 BILLION SETTLEMENT OF FORTIS INVESTOR ACTIONS

Interesting post by Kevin LaCroix (The D&O Diary)

“In what is by far the largest investor settlement ever under the Dutch collective settlement procedures, several shareholder foundations have reached an agreement to settle the Fortis shareholder claims for a total of €1.204 billion ($1.3 billion).

The shareholder foundations’ settlement with Ageas, as Fortis is now known, relates to Fortis’s ill-fated October 2007 participation in the ABN AMRO acquisition just before the global financial crisis. Under a parallel settlement, €290 million ($313 million) of the shareholder settlement will be funded by Fortis’s D&O insurers. The shareholder settlement is subject to the …
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15
Mar 2016
CATEGORY

Legal

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PRELIMINARY RELIEF PROCEEDINGS

When a case needs an urgent decision

The procedure for provisional measures in summary proceedings (kort geding), a.k.a. preliminary relief proceedings or interlocutory proceedings, is an interim injunction procedure before the court. Such proceedings, under Dutch Caribbean law, are aimed at obtaining temporary instructions from the court, not at receiving a final decision in the case.

These proceedings are characterized by their more or less summary character and their relatively quick nature. There is a clear relationship to a procedure on the merits, which always may be instituted and sometimes even must be followed. Provisional measures that are prescribed in …
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11
Mar 2016
CATEGORY

Legal

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THE BINDING EFFECT OF JUDGMENTS

Limited to the parties involved in the proceedings

Court decisions, even decisions by the Dutch Supreme Court, are not binding on courts when deciding future cases. However, the Code of Civil Procedure prevents parties from litigating twice on the same legal issue. The principle that a final judgment of a competent court is conclusive upon the parties in any subsequent litigation involving the same cause of action is known as ‘res judicata ’.

A Dutch court case is described below illustrating this principle: Utrecht District Court of 19 March 2009 (NJF 2009/291).

In initial litigation, the claimant had sought payment …
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02
Mar 2016
CATEGORY

Legal

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BRIBERY

A criminal act

With regard to anti-corruption the Criminal Codes of Aruba, Curaçao, St. Maarten and the BES-islands include criminal acts such as fraud, bribery and abuse of authorities. The bribery offence closely resembles the bribery provisions under the Dutch Criminal Code. The Codes also stipulate regulations on criminal acts committed by judges, ministers, members of Parliament and civil servants. Amendments were introduced to the Criminal Code specifically to implement the Anti-Bribery Convention. The bribery offences in the Criminal Codes mirror very closely those in the Dutch Criminal Code.

The relevant anti-bribery provisions are integrated in the Dutch Caribbean Criminal …
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25
Feb 2016
CATEGORY

Legal

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CONSULTATIE CODE CORPORATE GOVERNANCE NEDERLAND

Commissie presenteert voorstel

De (Nederlandse) Monitoring Commissie Corporate Governance Code heeft vandaag een zogeheten consultatiedocument gepresenteerd. Daarin staan voorstellen voor herziening van de Nederlandse corporate governance code.

Alle belanghebbenden en geïnteresseerden worden uitgenodigd om een reactie uit te brengen op dit consultatiedocument en deel te nemen aan het publieke debat omtrent de herziening van de Code. Het doel is om met de verkregen input en bevindingen uit de consultatiefase te komen tot een herziening van de Code.

Kennisneming van de voorstellen (dat kan door hier te klikken) kan ook voor de discussies in Aruba, Curaçao en St. …
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11
Feb 2016
CATEGORY

Corporate

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TRADE-BASED MONEY LAUNDERING

More Trade Transparency Units Needed

Smuggling and trade fraud are on the rise, according to Viêt Nam News (27 October 2015). The Telegraph reports that the authorities in China have arrested 21 people on suspicion of defrauding almost one million Chinese investors of 50bn yuan (£5.3 billion) after an online peer-to-peer lender turned out to be a giant Ponzi scheme (1 February 2016). Money laundering and fraud seem to be on the increase. Trade-Based Money Laundering (TBML) is one of the big threats facing us today.

According to Premium Times (21 December 2015; Read the rest »

02
Feb 2016
CATEGORY

Legal

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