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A m i g o e A r u b a October 27 2012 English

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1) Entrepreneurs Mena Lopez and Emile Hassell are claiming almost $12 million from Arubabank and Riffort Village/Renaissance Hotel, alleging they conspired to allow the hotel to take over their bankrupt beauty spa Aqua Spa for very little money. 2) New evidence has emerged that contradicts statements made by Arubabank during a previous court hearing, including confirmation that the bank ordered an immediate closure of the spa in December 2010, contrary to previous claims. 3) The entrepreneurs believe this new evidence supports their claim that Arubabank negotiated the sale of the spa's goods to the Renaissance Hotel for a very low

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AMIGOE ARUBA Entrepreneurs Aqua Spa fight on Sunday, 28 October 2012 17:02 ORANJESTAD In the multi-million claims case against Arubabank and Riffort Village/Renaissance Hotel, the bank recently lied before the judge, said Aruban entrepreneurs who instituted proceedings based on new evidence. A decision on this case from the meanwhile bankrupt beauty parlor Aqua Spa at the Renaissance Hotel on Cura巽ao is scheduled for Monday, October 29. The case had come up in court on September 18 on which the Amigoe reported on September 20. At the time the judge already paid much attention to the role of Arubabank in the companys ruin. Entrepreneurs Hassell-Lopez (mother Mena and son Emile) claimed almost 12 million florins because they alleged the bank had connived with Renaissance so that the hotel could take over the spa for very little. Attachment of goods In court the judge mainly asked questions as to why the bank when there was a question of arrears with the entrepreneurs had closed the spa for two months and left the contents inside. A clear answer wasnt given in court because Arubabank made it clear that it hadnt actually closed the business on December 22, 2010. The bank implied in court that the spa could have continued its business. The bank had gone to the spa with a bailiff that day but only to take stock. By its own account the bank took that action because it feared the entrepreneurs would try to sell the insolvent spa. After all the bank had tried to contact spa-director Emile for days and on December 17 the bank finally visited mother Mena Lopez who supposedly mentioned the sale at the time. For that matter, the entrepreneurs categorically deny the sale. After the session in court on September 18 the entrepreneurs immediately started collecting new evidence against what the two bank employees had stated before the judge. A conversation followed with the bailiff and personnel from Arubabank, who unexpectedly visited the spa and immediately closed the business. This bailiff states he acted by order of the bank to place an attachment on the goods. According to him, this automatically means closing the business immediately. The request to place an attachment had already been made on December 7, according to a letter from the lawyer currently representing Arubabank in this case. The Arubabank lied once again to the judge on having waited until after December 17 to take action, said Lopez. Matter of principle The bailiff also stated that the auction of the seized goods was held several months later because Arubabank negotiated with Eduardo de Veer Jr. from Renaissance on how much De Veer would pay for the goods. Entrepreneurs Hassell and Lopez consider this further evidence for their proposition that the goods were sold for next to nothing so that Renaissance could eventually reopen the spa
quickly on its own. During the auction the goods were sold to De Veer for 76,000 florins. It was a public auction and according to a statement from another beauty specialist who wanted to make a bid, everyone who had come felt they were taken for a ride because apparently there was already an agreement that Renaissance would buy the business. The entrepreneurs also query this considering their current debt of 1.6 million which Arubabank had reclaimed while the bank had sold their goods for a very low price. According to Lopez, this also proves that the bank had lied about their collaboration with Renaissance. Lopez, who had a spa for years on Aruba, says this case has now become a matter of principle. Behind our backs the bank negotiated with Renaissance to take over the spa, thus violating ethic rules. I dont want to become 80 years and live with this dishonesty for years. We call this swindle here. During the court session the lawyer of Renaissance spoke of the goose with the golden eggs and that the hotel must not become a playground for companies. However, it happens to be their playground and they have the goose with the golden eggs while they and the bank abuse their power to put pressure on an ambitious entrepreneur. This pressure continues said Lopez because despite the trial bailiffs still pay her salon on Aruba unexpected visits. She finds the conduct of the Arubabank Im not talking about all banks because I had a good relation with RBC for example and the lying shocking. Like many, Ive been raised to respect banks. They are to comply with high ethic standards; thats how they promote themselves. At first I couldnt believe their intentions and it took some time before I understood. Thats why I always compare my shock with that of the reports on abuse in the Catholic Church. Events In any case Lopez will never borrow from a bank again. She sees events as the upcoming Aruba Small Business Week as a front to get entrepreneurs to contract a loan. I know them because I too visited such events. It sounds promising for the average entrepreneur who has little time and listens to information that is aiming too high. These are socializing events where food and drinks are served, something comparable to falling in love. However, the wake-up call comes once youve signed. Signing a loan agreement with Arubabank with personal surety is like Hotel California to me: you can check out but you can never leave. Lopez advises other entrepreneurs to use their savings or bring in capital together with other equal partners. Take it slow, and grow step by step on your own. On her trial she states: the judge also urged for a settlement and was prepared to give more time. Lopez says thereve been approaches by Arubabank and Renaissance since September 18 but theres nothing concrete as yet. If the verdict next Monday is not in her favor, the entrepreneur will not give up. Its become a matter of principle; this is not how you treat people. No comment Arubabank and Renaissance said they wouldnt comment while the trial is in progress. As reported earlier by the Amigoe they deny the conspiracy. They blame the downfall of Aqua Spa on inexperience, especially of director Hassell, and consider this the risk of entrepreneurship.
A m i g o e A r u b a October 27 2012 English

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A m i g o e A r u b a October 27 2012 English

  • 1. AMIGOE ARUBA Entrepreneurs Aqua Spa fight on Sunday, 28 October 2012 17:02 ORANJESTAD In the multi-million claims case against Arubabank and Riffort Village/Renaissance Hotel, the bank recently lied before the judge, said Aruban entrepreneurs who instituted proceedings based on new evidence. A decision on this case from the meanwhile bankrupt beauty parlor Aqua Spa at the Renaissance Hotel on Cura巽ao is scheduled for Monday, October 29. The case had come up in court on September 18 on which the Amigoe reported on September 20. At the time the judge already paid much attention to the role of Arubabank in the companys ruin. Entrepreneurs Hassell-Lopez (mother Mena and son Emile) claimed almost 12 million florins because they alleged the bank had connived with Renaissance so that the hotel could take over the spa for very little. Attachment of goods In court the judge mainly asked questions as to why the bank when there was a question of arrears with the entrepreneurs had closed the spa for two months and left the contents inside. A clear answer wasnt given in court because Arubabank made it clear that it hadnt actually closed the business on December 22, 2010. The bank implied in court that the spa could have continued its business. The bank had gone to the spa with a bailiff that day but only to take stock. By its own account the bank took that action because it feared the entrepreneurs would try to sell the insolvent spa. After all the bank had tried to contact spa-director Emile for days and on December 17 the bank finally visited mother Mena Lopez who supposedly mentioned the sale at the time. For that matter, the entrepreneurs categorically deny the sale. After the session in court on September 18 the entrepreneurs immediately started collecting new evidence against what the two bank employees had stated before the judge. A conversation followed with the bailiff and personnel from Arubabank, who unexpectedly visited the spa and immediately closed the business. This bailiff states he acted by order of the bank to place an attachment on the goods. According to him, this automatically means closing the business immediately. The request to place an attachment had already been made on December 7, according to a letter from the lawyer currently representing Arubabank in this case. The Arubabank lied once again to the judge on having waited until after December 17 to take action, said Lopez. Matter of principle The bailiff also stated that the auction of the seized goods was held several months later because Arubabank negotiated with Eduardo de Veer Jr. from Renaissance on how much De Veer would pay for the goods. Entrepreneurs Hassell and Lopez consider this further evidence for their proposition that the goods were sold for next to nothing so that Renaissance could eventually reopen the spa
  • 2. quickly on its own. During the auction the goods were sold to De Veer for 76,000 florins. It was a public auction and according to a statement from another beauty specialist who wanted to make a bid, everyone who had come felt they were taken for a ride because apparently there was already an agreement that Renaissance would buy the business. The entrepreneurs also query this considering their current debt of 1.6 million which Arubabank had reclaimed while the bank had sold their goods for a very low price. According to Lopez, this also proves that the bank had lied about their collaboration with Renaissance. Lopez, who had a spa for years on Aruba, says this case has now become a matter of principle. Behind our backs the bank negotiated with Renaissance to take over the spa, thus violating ethic rules. I dont want to become 80 years and live with this dishonesty for years. We call this swindle here. During the court session the lawyer of Renaissance spoke of the goose with the golden eggs and that the hotel must not become a playground for companies. However, it happens to be their playground and they have the goose with the golden eggs while they and the bank abuse their power to put pressure on an ambitious entrepreneur. This pressure continues said Lopez because despite the trial bailiffs still pay her salon on Aruba unexpected visits. She finds the conduct of the Arubabank Im not talking about all banks because I had a good relation with RBC for example and the lying shocking. Like many, Ive been raised to respect banks. They are to comply with high ethic standards; thats how they promote themselves. At first I couldnt believe their intentions and it took some time before I understood. Thats why I always compare my shock with that of the reports on abuse in the Catholic Church. Events In any case Lopez will never borrow from a bank again. She sees events as the upcoming Aruba Small Business Week as a front to get entrepreneurs to contract a loan. I know them because I too visited such events. It sounds promising for the average entrepreneur who has little time and listens to information that is aiming too high. These are socializing events where food and drinks are served, something comparable to falling in love. However, the wake-up call comes once youve signed. Signing a loan agreement with Arubabank with personal surety is like Hotel California to me: you can check out but you can never leave. Lopez advises other entrepreneurs to use their savings or bring in capital together with other equal partners. Take it slow, and grow step by step on your own. On her trial she states: the judge also urged for a settlement and was prepared to give more time. Lopez says thereve been approaches by Arubabank and Renaissance since September 18 but theres nothing concrete as yet. If the verdict next Monday is not in her favor, the entrepreneur will not give up. Its become a matter of principle; this is not how you treat people. No comment Arubabank and Renaissance said they wouldnt comment while the trial is in progress. As reported earlier by the Amigoe they deny the conspiracy. They blame the downfall of Aqua Spa on inexperience, especially of director Hassell, and consider this the risk of entrepreneurship.