Suwaso: COP in good standing with 15-year permit

Coral Ocean Point Hotel and Golf Course is in good standing with its 15-year permit, according to attorney Vincent Torres who is chairman of COP owner, Suwaso Corp.

In his response yesterday to Saipan Tribune’s inquiries, Torres described as false the news article (not in the Saipan Tribune) that the Department of Public Lands’ 120-day deadline given to Suwaso to submit its financial status was up last Dec. 11.

Torres clarified that the deadline is 240 days, but that this deadline is not an issue anymore because they already submitted all the requirements to DPL.

With respect to the report that Philip Mendiola-Long had recently resigned as board secretary of Suwaso Corp., the chairman said the resignation has no impact on COP’s hotel and golf course business.

He also pointed out that they have absolutely no problem with their investors in China pertaining to COP’s shares.

“This is not any issue at all,” said the lawyer.

As to the recent resignation of COP’s longtime comptroller Matti David, Torres said Matti resigned because she is relocating to the U.S. mainland to reunite with her two daughters.

Torres said Yusuke Fumoto, his partner in COP, is here on Saipan for 10 days and came to participate in COP staff’s Christmas party held last Saturday.

“COP’s business is very much alive and more and more customers are coming in,” he added.

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

A group led by Cheong Pui Ng, a former business partner of the late business tycoon Larry Hillblom has reiterated its intent to invest over $11 million in COP.

Pacific Investment and Development Corp. president Ng previously offered to invest over $10 million in the hotel but is now promising an additional $1 million to rehabilitate COP.

Last Dec. 12, Ng resubmitted to DPL Secretary Oscar M. Babauta of its proposal for a 25-year lease with option to lease up to 40 years for the management and operation of COP.

Ng is president of Bang Plee Construction Limited that built Hillblom’s Dalat Hotel and Golf Course in Vietnam in 1994. He owns several businesses on the island.

Ng said they have heard that the extension given by DPL to the current lessee of COP has already lapsed without them complying with the terms and conditions of the extension.

“With this circumstance, our party would like to inform you that we are still interested in leasing out the property,” Ng said in the letter.

COP is located on a 735,023 square meter property at Agingan Point, Saipan. Under the law, any lease and extension of lease of public land consisting of more than five hectares requires legislative approval.