Coral Ocean Point Hotel and Golf Course is in good standing with its 15-year permit, according to attorney Vincent Torres who is chairman of COP owner, Suwaso Corp.<\/p>\n
In his response yesterday to Saipan Tribune\u2019s inquiries, Torres described as false the news article (not in the Saipan Tribune) that the Department of Public Lands\u2019 120-day deadline given to Suwaso to submit its financial status was up last Dec. 11. <\/p>\n
Torres clarified that the deadline is 240 days, but that this deadline is not an issue anymore because they already submitted all the requirements to DPL.<\/p>\n
With respect to the report that Philip Mendiola-Long had recently resigned as board secretary of Suwaso Corp., the chairman said the resignation has no impact on COP\u2019s hotel and golf course business.<\/p>\n
He also pointed out that they have absolutely no problem with their investors in China pertaining to COP\u2019s shares. <\/p>\n
\u201cThis is not any issue at all,\u201d said the lawyer. <\/p>\n
As to the recent resignation of COP\u2019s longtime comptroller Matti David, Torres said Matti resigned because she is relocating to the U.S. mainland to reunite with her two daughters.<\/p>\n
Torres said Yusuke Fumoto, his partner in COP, is here on Saipan for 10 days and came to participate in COP staff\u2019s Christmas party held last Saturday.<\/p>\n
\u201cCOP\u2019s business is very much alive and more and more customers are coming in,\u201d he added.<\/p>\n
The new Suwaso owners had promised to settle the previous owners\u2019 debts to the CNMI government of almost $1 million, and with other CNMI private and public agencies using an immediate infusion of $7 million.<\/p>\n
A group led by Cheong Pui Ng, a former business partner of the late business tycoon Larry Hillblom has reiterated its intent to invest over $11 million in COP.<\/p>\n
Pacific Investment and Development Corp. president Ng previously offered to invest over $10 million in the hotel but is now promising an additional $1 million to rehabilitate COP.<\/p>\n
Last Dec. 12, Ng resubmitted to DPL Secretary Oscar M. Babauta of its proposal for a 25-year lease with option to lease up to 40 years for the management and operation of COP.<\/p>\n
Ng is president of Bang Plee Construction Limited that built Hillblom\u2019s Dalat Hotel and Golf Course in Vietnam in 1994. He owns several businesses on the island.<\/p>\n
Ng said they have heard that the extension given by DPL to the current lessee of COP has already lapsed without them complying with the terms and conditions of the extension.<\/p>\n
\u201cWith this circumstance, our party would like to inform you that we are still interested in leasing out the property,\u201d Ng said in the letter.<\/p>\n
COP is located on a 735,023 square meter property at Agingan Point, Saipan. Under the law, any lease and extension of lease of public land consisting of more than five hectares requires legislative approval. <\/p>\n","protected":false},"excerpt":{"rendered":"
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