‘Japan-based major investor pulls out from COP’

An accountant recently terminated by Coral Ocean Point Resort Club disclosed that Japan-based investor Yusuke Fumoto had already pulled out from COP.

Angelina “Tin” Podiquit told Saipan Tribune on Friday that everybody knows at COP that Fumoto, who also served as chief executive officer and president of COP, had already backed out.

Podiquit said the COP management even announced the news during a F&B staff meeting two weeks ago that Fumoto indeed backed out.

The accountant is preparing a lawsuit against Suwaso over her alleged termination without cause, which according to her was unlawful.

Saipan Tribune yesterday sent an email to Suwaso Corp. chair Vincent Torres for comment, but as of press time Torres had yet to reply.

In early November, Saipan Tribune asked Torres about the same issue—the pull out of an investor—after learning about it from at least two lawyers.

On Nov. 4, Torres replied that everything in Suwaso is going on as planned.

“You may hear rumors here and there but that’s what they are—just rumors,” said Torres, who is a lawyer.

Podiquit said Fumoto put up capital at COP in the amount of $169,000.

Podiquit said actually three investors had already backed out and Fumoto was the latest one.

The accountant said when she came to work last Nov. 22 after taking a two-day sick leave, Rowina O. Torres, the wife of Vincent Torres and COP’s general operations manager, handed her a letter that terminated her employment effective that same day.

Podiquit said she was asked to get her things and was escorted by two employees out of the COP premises that morning.

“They treated me like a criminal,” said the 48-year-old Podiquit, who started work at COP in October 2007.

Podiquit said she has no idea why she was terminated except the fact that she was only truthful to vendors, who would follow up payments, that COP has no money.

She said according to her contract, she should have been notified 30 days prior to termination without a cause.

If her termination is with cause, she should be given 10 days notice pursuant to the contract, Podiquit said.

The accountant’s employment contract with COP expired on Oct. 22, 2011, according to Mrs. Torres in the termination letter.

“The new management and owners regret to have to inform you that we have reached a decision to discontinue your employment with us, which will become, effective Nov. 22, 2011,” said Mrs. Torres in the letter.

Last Aug. 5, after almost two hours of debate, the Senate and the House of Representatives approved Suwaso Corp.’s proposed 15-year extension on its 25-year public land lease for COP.

The joint session went ahead despite Gov. Benigno R. Fitial’s request to members of the House leadership to postpone a vote on the deal.

The approval of Suwaso’s extended lease was supposed to pave the way for a $22-million upgrade of COP’s hotel and golf course facilities and the construction of 200 new guest rooms.

The new Suwaso owners then promised to settle the previous owners’ debts to the CNMI government in tax arrears of almost $1 million, and with other CNMI private and public agencies using an immediate infusion of $7 million.

COP is located on 735,023 square meters in Unai Dangkulu. Under the law, any lease and extension of lease of public land consisting of more than five hectares requires legislative approval.

Rep. Stanley T. Torres (Ind-Saipan) had questioned why the new COP owners were then rushing the approval of the lease extension.