‘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.
Hahaha….
It would seem that there is a lot of truth in that article by Bloomberg as the many responses in “disclaiming” the article by the Torres family and others.
The more there is an attempt to deny the more is suspect about it e true. If all would just keep quet, this thing would just “blow over” and die, as is the case in all of other such “sensational news” past.
Even to the many reports about this Casino and suspected illegal and other controversial actions that have constantly been put out in the forefront. (many that support this Bloomberg article)
The Bloomberg article is 100 percent true and they have verified documentation to back them up. These people can claim the article is false, but the facts are the facts. Time for everyone involved to go to jail and give the island back to the people of Saipan.
Here is another Snowflake journalist who doesn’t care about researching the real facts but just wanted to report on hearsay which is the main goal of many fake journalist who in the past have been doing so just to get their 15 minutes of fame…Pathetic liars!
Couldn’t say it better!
Hearsay ……backed up with documentation lol.
Serafin has begun spilling the beans. Keep talking and eventually the federal authorities will come looking for you.
You don’t understand the legal implications of potential money laundering and financial crimes and the punishments that come along with them.
Money laundering generally involved a series of multiple transactions used to disguise the source of financial assets so that those assets may be used without compromising those individuals seeking to used them for their personal benefits.
Brother, best you start looking for a lawyer to defend you in the near future. This is very serious matter.
In the end, only you and you alone can defend and save your soul!!!
Government of the People, by the People, for the People shall NOT perish
Let’s hope the court doesn’t allow this article as evidence. Prayers for the DLG & Torres family.
There are certainly problems with IPI but no doubt that BLOOMBERG definitely exaggerated and was unfair in their article.
What was exaggerated or unfair? You make the claim but provide no evidence.
Does your claim of “certain problems with IPI” include finding bags of cash on their boat?
It’s interesting what the Bloomberg Businessweek article has done, Now many of our islanders are all upset, embarrassed, and on the defensive. Good.
So did Serafin pretty much admit to falsifying land ownership in order for IPI to gain control of land as if they were the owners and if they decide to jump ship Serafin now has legal access to this land? What a nincompoop, this is what’s going around. These locals being used by Chinese investors to own land. Like ok you buy this land for me for $3 and in turn I will lease it from you or whoever for $3mil. Lol so wrong I’m so many levels. This right here is the problem and don’t tell me the Torres Brothers or the governor had no day in it or no clue of the transactions and the reason why Bloomberg didn’t want to report it is because he knows their rebuttal is full of bologne
What’s unfair, the apparent exposure? Eh, use of simple inference brings you home to reasonable suspicion.
Serafin, get a lawyer! You just incriminated yourself by stating you got paid by IPI $500.00 for your signature. OMG! This is just the tip of the iceberg. The way I see it you should’ve gotten the $4 mil so that you can get a lawyer. What a disgrace!
Interesting point and they’re complaining?