In a significant corporate reversal, Surinam Airways’ newly appointed Board of Commissioners has terminated a contentious cargo aircraft lease agreement, citing fundamental flaws in its business rationale. Board President Marlon Telting revealed to Starnieuws that the project, initiated by the previous interim management under the Santokhi administration, failed to demonstrate financial viability upon rigorous examination.
The board’s September assessment uncovered critical deficiencies in the proposed business case, particularly the absence of concrete financial projections. Telting noted that the Surinamese government would have faced additional unexpected investments beyond previously agreed payments to operationalize the transport aircraft. Despite providing management an opportunity to revise their proposal, the resubmitted documentation contained persistent inconsistencies and unresolved issues.
Contract cancellation presented substantial financial implications, as the lessor had already received deposit payments and nearly finalized lease arrangements. Potential termination costs initially estimated in millions of dollars were successfully negotiated down to $100,000 through legal intervention, with the board preserving three months’ pre-paid deposit outside the settlement agreement.
Telting specifically addressed misconceptions about the aircraft’s potential utilization in Surinam’s oil and gas sector, clarifying that the leased aircraft lacked necessary certifications and possessed only half the intended capacity. Current mid-Atlantic route operations continue through existing partnerships, with evaluations scheduled for next year regarding future arrangements.
The board president emphasized that ongoing legal proceedings against former director Paul de Haan, ex-commission president Xaviera Jessurun, and jurist Prenobe Bissessur remain separate from current operational restructuring efforts, which focus on comprehensively mapping SLM’s present condition before implementing strategic improvements.