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BOS returns remaining $856K BOOST funds
Bank of Saipan returned yesterday to the CNMI Department of Finance the remaining BOOST (Building Optimism, Opportunities and Stability Together) Program funds in the amount of $856,338.78.
In a letter addressed to acting Finance secretary Bertha Camacho, Bank of Saipan said that following the BOOST program and applications recommended by the Grant Review Panel and approved by Gov. Ralph DLG Torres, the bank cut 28 award checks in the amount of $831,000 which have not been distributed. The bank has voided the award checks and has ceased issuing award checks altogether, given the concerns about the BOOST program.
In addition, the Grant Review Panel recommended 22 other BOOST applications that were approved by Torres, but the checks for which had not been prepared by the bank due to insufficient funds to cover the awards.
The bank returned the remaining BOOST funds in two cashier’s checks—one in the amount of $831,000 for the 28 voided award checks and the other for $25,338.78, the balance of BOOST funds.
“The decision on what to do with these checks properly belongs to the CNMI government,” the bank stated in its letter to Finance. (PR)
