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Diabierna, 20 December 2024 AWEMainta LOCAL 11

Canadian Bank Note Company:

Clarification on Court of Audit Report

‘op afstand, maar toch dichtbij’

ON June 13, 2024, the and CBNA in 2012. In reality, the contract provided for total transparency
Aruba Court of Audit and quarterly business updates, which were always provided.
published a report enti-

tled “Op afstand, maar With respect to the statements referred to above, the report does not come
toch dichtbij” on the close to meeting the standard of care that one would expect of an auditor.
remote institutions of The Court of Audit has nonetheless refused the request of CBN and CBNA
the Country of Aruba. to clarify that it made these statements without ever having looked at the

CBNA or CBN books, which are audited annually by a reputable accounting
The Court of Audit included in its report firm. Indeed no one from the Court of Audit spoke with anyone at CBN or
an analysis of Fundacion Lotto pa Deporte CBNA before issuing its report.
Foundation (‘FLPD’). The report included

statements regarding Canadian Bank Note CBN, and its Aruban staff at CBNA, are justly proud of their success in
Company, Limited (‘CBN’), Canadian Bank raising tens of millions of Florins for the FLPD and its mandate to support
Note (Aruba) N.V. (‘CBNA’) and the manage- sports in Aruba throughout the term to which the Court of Audit report
ment agreement between CBN, CBNA and refers.

FLPD in force at that time. The Court of Audit
did not verify these statements with CBN or Gordon McKechnie
CBNA. Executive President
Canadian Bank Note Company, Limtited

The report leaves the impression that the fees
paid by FLPD to CBN were unfair. A reader
would conclude that those fees were net,
when in fact they covered the entire operating

cost of the operation of the lottery, such as the
employee salaries, rent, marketing, and tech-
nology. It is unfortunate that an institution
such as the Court of Audit would make such Bon Pasco y

statements without auditing their veracity. Feliz Aña Nobo!

The Court of Audit report leaves the impres-
sion to readers that CBN’s fees were excessive

and caused sports to be underfunded. In fact, En conexion cu e dianan di fiesta
the contrary is true. The lottery and the reve- nos oficina lo ta cera:
nues available for sports have grown dramat- dialuna 23 di december 2024, te cu
diabierna 3 di januari, 2025.
ically under the management of CBN and

CBNA. Neither company is responsible for the
application of those funds to the good causes Nos lo ta habri bek pa duna servicio
for which they are intended. That responsi- segun nos orario regular:
bility lies with the FLPD and the sports organi- dialuna, 6 di januari 2025.

zations it funds.

The report also erroneously states that the
loss of visibility and control over the spending

of funds by the FLPD was partly caused by the
outsourcing of business operations to CBN