Best Sunshine transfers $10M to escrow account

The first stage of Best Sunshine International Ltd.’s Community Benefit Fund under its exclusive Saipan casino license agreement with the CNMI government is coming into fruition.

The Inos administration confirmed Saturday that the Hong Kong-based investor already deposited $10 million in escrow, representing the promised utility vouchers to customers of the Commonwealth Utilities Corp.

“Best Sunshine transferred $10 million to [an] escrow account today on time per [its] agreement with the CNMI government. CUC only needs to send data on the number of residential accounts and other important information,” said acting press secretary Ivan Blanco in an email to Saipan Tribune.

Emails to Best Sunshine officials inquiring about the framework of the $10 million in utility vouchers were unanswered as of press time

CUC consumers met the news with mixed reactions.

Businessman Max Leuta from Dandan said he hopes Best Sunshine’s promised utility vouchers will not follow past promises of local politicians, which more often than not go by the wayside.

“Until I see it, I will believe it. A lot of politicians have been promising a lot to the people of the CNMI, but a lot of those promises have never been delivered. If they have the contract, the only people who really knows about that is the Legislature. The people are only getting letters. I received a letter from the post. I’m looking forward to it if it does happen, though,” said the 54-yeard-old whose family pays $180 a month for power consumption.

Commonwealth Healthcare Corp. accounting department staff Ruby Acosta is happy with the promise of $10 million in utility vouchers.

“It will be a big help especially with the situation right now. Times are difficult. I have children studying and the power rates are high. I want to thank Best Sunshine for the gesture. It’s really a big help to CUC consumers.”

Acosta’s monthly utility bill averages $200. Originally from the Philippines, she has been living on Saipan for more than 20 years.

Larry Pangilinan of Gualo Rai agreed with Acosta that $10 million in utility vouchers would be a big help. He said the money that would have been used to pay for utilities would instead go to groceries and other needs of their family of four.

Under the Community Benefit Fund, Best Sunshine is obligated within 60 days of the issuance of the exclusive Saipan casino license to provide $10 million in the form of “Commonwealth Utility Company” vouchers, which shall be distributed in consultation with Inos.

Other components of the Community Benefit Fund is within 60 days of commencing construction work on the first hotel in the integrated casino project, Best Sunshine should contribute $20 million to “education, scholarships, infrastructure, health care, employee retirement benefits, as may be determined in consultation with the governor.”

In addition, under the Saipan casino license agreement, Best Sunshine is required “upon the first full year of operation” to annually contribute $20 million for community benefit programs (education, scholarships, infrastructure, health care, and employee retirement benefits) as again determined by the governor of the CNMI.