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Lady Kimberly asked to set up local office
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Posted on Dec 05 2005
A U.S.-based company wanting to start a commercial fishing venture in the CNMI is asked to set up its local office first before its application for a loan guarantee is acted on.
Commonwealth Development Authority board chairman Tom Glenn Quitugua said the agency has given the proponent, Lady Kimberly, a list of requirements in connection with its loan guarantee application.
“Part of the requirement is for the establishment of their local office. We hope that they’re able to complete those particular requirements,” said Quitugua.
As it is, he said, the company’s application remains under review.
In an earlier interview, Lady Kimberly president Courtney Ziezke indicated that a local office would soon be established.
He said that the company’s name, Lady Kimberly, would be changed to Marianas Fisheries Inc., which he said would be 51 percent owned by NMI.
He said the 30 percent of the 51 percent would belong to selected children charities and 21 percent would be owned by “local interests.”
Ziezke said his group would use two long-line fishing vessels, Hunter J and Captain Wade, which are currently in Alabama.
Once in the CNMI, the vessels would be renamed Lady Carolina and Miss Saipan, he said.
Based on the plan, Zieske’s group would be catching yellow tuna and skip jack about 35 miles to 200 miles off the shore.
This means that they would not be competing with the local fishers, who usually go no farther than 30 or 35 miles.
Under the plan, the local fishermen would own a portion of the company’s equities.
The company is applying for some $600,000 loan guarantee with CDA.
Ziezke said the capital investment would exceed $2 million.
About $1.2 million of this would be loaned from the Bank of Guam.
This loan amount already includes the proposed $600,000 guarantee by CDA.
