VIVAnews - 209 years ago today, on 31 December 1799, the Dutch East India Company (VOC) was dissolved by the Netherlands government.
The Dutch East India Company (Vereenigde Oostindische Compagnie or the VOC), the world's first public company, was incorporated on 20 March 1602. Its aim was to unite all Dutch merchants and seamen in Asia under one directorate with a unified policy. It helped the Dutch traders to compete on more equal footing with other European powers, especially Portugal and Spain.
In 1605, the VOC gain their first foothold in Indonesia after they successfully captured the Ambon fort from the Portuguese. Fourteen years later, the VOC conquered Jayakarta (now Jakarta), their first stronghold in Java which they renamed Batavia. This new headquarters helped the VOC expand their enterprise to other parts of Indonesia. By 1700, the VOC had grown to become a state-within-a-state and the most dominant power in what is now the Indonesian archipelago.
Unfortunately, poor management, lack of accountability, greed, and corruption finally caught up with the VOC. In 1781, close examination revealed that the company was in debt of up to 110 guilders (approx. US$240 million). Its shares plummeted to 25 percent of their original issue price.
By 1799, accountants had reported that the losses were insurmountable and the VOC could never repay its debts. Finally, on 31 December 1799, the VOC was dissolved. All its possessions were taken over by the Dutch government including its colony, Indonesia.
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