1. A M I G O E Aruba-Curacao September 20, 2012
Role of bank in millions case Aqua Spa under investigation
ORANJESTAD- Is it a matter of going after the “goose with the golden eggs”? or is it a David and Goliath
story of a small entrepreneur against a large enterprise? During the hearing last Tuesday of the case of
the millions claim of beauty salon Aqua Spa of Aruban entrepreneurs versus Riffort Village/Renaissance
Hotel and the Aruba Bank in Curacao, the judge in any case appeared to also show interest in the actions
of Aruba Bank. Aqua Spa demands a total of almost 12 million florins in damages.
By our reporter SharinaHenriquez
The bank has been sued by entrepreneurs Hassell-Lopez (mother Mena and son Emile) for among other
things acting in violation with her particular duty to maintain.
After the delayed opening –it took longer to finish building the new hotel- in April 2009, the salon did
not well from the start. The entrepreneurs blame the Renaissance for this because the hotel did not
advertise the Spa among her guests even though this was agreed in the rental agreement. The bank was
accommodating at first, as also appears from the hearing of the proceedings on merits last Tuesday, in
the paying off of the 1.2 million florins that the entrepreneurs had borrowed. In 2010 things got even
worse. The entrepreneurs claim to have asked the bank for help in the matter of promotions among the
hotel guests. They also indicated to be involved with American investors to financially save the salon.
Credit
Despite the agreements that the bank entered into, according to the entrepreneurs a few months later
Aruba Bank suddenly cancelled the credit agreement. The day after, on December 22, two bank
employees whom had flown in came into the Spa with the bailiff and two assistants to take down the
mortgaged inventory.
That same day Eduardo de Veer Jr. from the Renaissance also came in and closed the entrance to the
spa. According to the entrepreneurs De Veer that day instructed employee Coffino, who later stated this
as a witness, to draw up a report for take-over of the spa. Aruba bank sold the furnishings of the spa at
auction for a sum on which entrepreneur Mena commented: “For such a low amount I would have
bought it back myself.” They didn’t know about it, however, because the auction was announced only
the day before in an ad. The furnishings were bought by the Renaissance Hotel by the way. A couple of

2. months later Renaissance opened an Okeanos Spa, according to the model spa they own in the
Renaissance in Aruba.
Risks
It is notably these developments from which according to the entrepreneurs appears that Renaissance
and Aruba Bank have conspired so that the hotel would get a spa without having to invest the in total 2
million florins that it cost. When Hassell-Lopez got the location it was after all still a shell and ‘didn’t
even have ceilings yet’. The attorney for Renaissance dismisses this ‘playing under one hat’ and
considers it an attempt of the entrepreneurs to shift their own failure to the ‘goose with the golden
eggs’, or in other words the hotel and the bank, where the money is. It is a risk entrepreneurs take, so
the attorney stated, and it cannot be so that the hotel becomes the ‘playground’ for companies for
which the hotel ends up paying the bills. Renaissance and Riffort (the operating company of the
buildings) therefore dismiss the claim for damages in the amount of 5.4 million US dollars and the
rounded off 2.2 million Antillean guilders. There is no question of self-enrichment and the investments
proved to be too high for the entrepreneurs. The fact that Mena has had a spa in Aruba for years does
not say anything about being successful in Curacao, which are two different markets, according to the
attorney. Aruba Bank also states to have done a lot to help. Time and again they have given the
entrepreneurs suspension to pay off the loan.
The judge in the end mostly had questions about the actions of the bank. He wondered why the spa
remained closed for two months with the furnishings still inside. Because both the Renaissance and the
bank deny that they closed the spa on that particular December the 22nd. “What direction should I look
in then”, the judge wanted to know. The entrepreneurs tried after all for weeks to get the keys, but did
not succeed.
In the meantime the spa has been declared bankrupt. A trustee in bankruptcy has been appointed and
the latter said last Tuesday that the bank has not given the entrepreneurs a reasonable term to look for
another credit institution. From one day to the next the bank cancelled the loan and the rental
agreement was cancelled by the hotel. The entrepreneurs were not behind on the rent by the way. “The
sole fact that the bailiff seized the furniture” does not entitle you to close the doors of the spa”, was
according to the trustee.
Settlement
The judge in any case hopes that the parties can sit at the table and negotiate a settlement. The case is
complex and furthermore bags –the Aruba Bank attorney even brought in a large Albert Heijn bag- full
of exhibits were submitted. The judge also refers to a similar case that took about ten years. That is ‘not
so good’ for one’s reputation, referring to Aruba Bank that is being blamed for not having acted with
care. Entrepreneur Emile immediately said to be willing to negotiate. In any case a judgment or interim
judgment will be given in six weeks. “And if more time is needed for the negotiations, I would like to
hear about it”, the judge said.