‘Unfair attack against Torres family’

A brother of Gov. Ralph DLG Torres said over the weekend that the governor had no involvement with the land lease agreement with Imperial Pacific International (CNMI) LLC, contrary to what a magazine article suggests.

In a Bloomberg Businessweek story titled, “A Chinese Casino Has Conquered a Piece of America,” it alleged that Vincent D. Torres, one of the governor’s brothers at the Torres Brothers law firm, allegedly got a highly profitable return in a land lease agreement with IPI.

“…One such entity bought a land lease from Torres’ sister-in-law, Rowina, for $667,000. She almost quadrupled her investment, having purchased the land about five months earlier for $180,000. The lease documents bear the signature of her husband, Torres’ eldest brother, Vincent… and that of Cai Lingli, a member of the [IPI] board,” the story stated, suggesting that Gov. Ralph DLG Torres obtained his “willingness to accommodate IPI” through transactions between the company and his relatives.

Vincent Torres told Saipan Tribune over the weekend that the claims in the Bloomberg article were false.

“My wife and I invested in an 11,201-square-meter oceanview property. IPI wanted to lease our property for 55 years. We negotiated the price in arms-length and agreed to $59.56 per square meters for a total of $667,200, which was lower than the fair market value at the time,” Vincent Torres said.

Given the location and size of the property, it would easily be worth double or more today, he said.

“Our transaction was purely business and had nothing to do with any payment for favors for IPI,” he said.

“Further, Governor Torres had no involvement whatsoever in the negotiation or transaction of our land lease agreement,” he continued. “We provided this information to Bloomberg but they intentionally did not include it in their article.”

The Bloomberg piece further alleged that the law firm itself benefited from IPI. The law firm repudiated that claim, adding that the firm represents individuals and private entities, not government agencies.

“Out of respect for our brother and public confidence, we do not represent any government agencies despite [being asked] in the past to represent them in legal matters,” said the law firm in a statement. “We represent individuals and private entities including IPI, which we charge similar rate[s] as we do others. We work with several other law firms on island that IPI hired as well. The governor does not get involved in any transactions our firm handles,” adding that this information was “excluded from Bloomberg’s article” even though it was provided.

“…Bloomberg singled out the Torres lease despite the fair market value. The implication appears to be an unfair attack on the Torres family,” said Vincent Torres.

Bloomberg further alleged that Serafin Camacho, the husband of Gov. Ralph DLG Torres’ first cousin, Lillian Camacho, negotiated a reported $4 million agreement with IPI in land leases. Gov. Ralph DLG Torres is also godfather to their adult son, Joel Camacho.

“Serafin’s sale documents also show Cai’s signature; the deals paid out immediately, even though the lease for one doesn’t begin until 2042,” the Bloomberg piece stated.

Serafin told Saipan Tribune that contrary to the allegations, he only received $500 for his signature.

“…I have only received $500 for a transaction and that is to have my name as the … [fee] simple owner as a Northern Marianas descent,” he said. “The $4 million was paid out and benefitted other local landowners who are unrelated to me or the governor,” Serafin added, without specifying who the recipients of the $4 million were.