FLASHBACK November 27,1998-2001

Hotels up for sale[/B]

A group of investors from Dubai has been negotiating with the management of Riviera Resort Club and Koreana Hotel in connection with the sale of these two establishments. The businessmen already visited the Northern Marianas four times inspecting the two hotels and finalizing the agreement, according to Tony Glad, president of Glad’s Saipan, Inc., a real estate development firm. Koreana Hotel’s selling price is $2.5 million while Riviera Resort is $15 million, said Glad. “We are still working on the deal. But we are almost certain with Koreana Hotel,” he added.

A group of local investors has criticized the Board of Public Land for dragging its feet in deciding the next franchise holder of Managaha Island which it said should be blamed for the controversies haunting the bidding for the tourist resort. “This would not be much controversial had the Board of Public Land made its decision a long time ago,” according to JM Guerrero, president of Marianas Marine Management, Inc., one of the companies seeking rights to run Managaha. According to Guerrero, as early as July the policy-making body has sought proposals to operate Managaha Island because the lease agreement of Japanese-owned Tasi Tours was to expire in September.

Lending activities down 15 percent
[/B] In what appears to be an alarming sign that the CNMI economy is yet to witness even the slightest growth, private banking institutions have cut down lending activities in the third quarter of the year by as much as 15 percent. Overall amount of loan agreements approved by eight commercial and savings banks in the Northern Marianas shrunk by $44.5 million to $255.7 million in the third quarter of 2000 from $300.2 million of the same period last year. According to a report prepared by Jesse Palacios of the commerce department’s Banking Division, only loan agreements with the Commonwealth government registered growth in the period under review.

A petition supporting the call of resignation or removal from office of Philippine President Joseph Estrada has been going around in the CNMI among overseas Filipino workers based here. More than a thousand have reportedly signed the paper that began circulating immediately after the political crisis confronting the Estrada administration hit last month. The one-page petition has sought support from the estimated 20,000 Filipino workers and residents on the islands for the mounting calls back home for their embattled president to step down.

No budget yet for BB [/B]

Nine days into its official existence yet the Transition Committee remains without a budget, as the bill that would provide the funding for their operations remains pending at the House of Representatives. It may be, however, that the lower chamber will act on House Bill 12-424 during tomorrow’s special session-the second in a series of marathon sessions that the House will hold to act on remaining pieces of legislations. As provided for in the proposed measure, the Legislature seeks to provide the transition panel with $275,000 that it would use for its operations and for the inaugural expenses of the incoming Babauta administration.

Failure of the Commonwealth Utilities Corp. Board to adopt travel policies similar to those of the CNMI government has resulted in losses through overpayments and unliquidated advances covering the period from October 1999 through March 2001. This was the result of an audit conducted by the Office of the Public Auditor on travel expenses incurred by CUC officials, Board members and personnel covering an 18-month period up to March this year. Besides this, the audit also found out that CUC management has not adopted a written and comprehensive travel policy manual to guide its Board members and personnel.