{"id":228693,"date":"2016-05-27T06:06:42","date_gmt":"2016-05-26T20:06:42","guid":{"rendered":"http:\/\/www.saipantribune.com\/?p=228693"},"modified":"2016-05-27T06:06:42","modified_gmt":"2016-05-26T20:06:42","slug":"cuc-fires-cfo-without-cause","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/cuc-fires-cfo-without-cause\/","title":{"rendered":"CUC fires CFO without cause"},"content":{"rendered":"
\"Matthew<\/a>
Matthew Yaquinto<\/figcaption><\/figure>\n

The Commonwealth Utilities Corp. has terminated its chief financial officer \u201cwithout cause\u201d a day after he reported on CUC\u2019s unhealthy financial status\u2014adding further to the corporation\u2019s lineup of vacant top and stipulated order positions.<\/p>\n

Through a memorandum dated May 25, acting executive director Gary Camacho, addressed the notice of \u201cTermination of employment without cause\u201d to CUC CFO Matthew Yaquinto.<\/p>\n

With the 30-day notice, Yaquinto is supposed to separate with CUC on June 25.<\/p>\n

The memorandum sites Yaquinto\u2019s contract stating, \u201cIn accordance with the fifth paragraph of your employment contract with CUC, and in accordance with Paragraph No. 8(B) of the Conditions of Employment which is attached to and made a part of your employment contract, you are hereby notified that your employment with CUC will terminate on June 25, 2016.\u201d<\/p>\n

\u201cThe termination of your employment with CUC is without cause,\u201d it added. <\/p>\n

In a phone interview with Camacho, he stated simply that they are following the provisions of his contract.<\/p>\n

\u201cMr. Yaquinto\u2019s terminated without cause pursuant to the provisions of his contract,\u201d Camacho said.<\/p>\n

Asked if they are not satisfied with Yaquinto\u2019s work, Camacho declined to answer, repeating again that he did it \u201cpursuant to his contract.\u201d<\/p>\n

Camacho is the only official allowed by the CUC board of directors to speak to the media and no other employee of CUC can give official statements.<\/p>\n

CUC board chair Adelina Roberto said it was \u201cthe executive director\u2019s decision\u201d and he exercised \u201cthat part of Yaquinto\u2019s contract.\u201d She declined to comment further on the matter. <\/p>\n

Yaquinto\u2019s termination was made on the same day that some of the board members met with acting governor Victor Hocog to talk about government accounts receivables among others, and a day after Yaquinto reported to the board of directors that the corporation is going bankrupt due to lack of revenue. The board is responsible for setting policies to ensure revenues for the corporation.<\/p>\n

It also comes after a board director shared the board\u2019s expenses in the last two years and stated that the board is on its way to go over its budget.<\/p>\n

Yaquinto, with his extensive experience and knowledge in accounting and working with power companies, has been with CUC since April of last year. <\/p>\n

The CFO position is a stipulated order position, and CUC is required to \u201cappoint another qualified individual within one hundred fifty (150) days of the date of the vacancy.\u201d<\/p>\n

Aside from the CFO position that will be vacant soon, CUC is yet to find qualified applicants to fill other stipulated order positions such as the executive director and deputy executive director among others.<\/p>\n

CUC has been incurring penalties as it continues to fail compliance with stipulated orders. For SO1, which includes the executive director and the deputy executive director positions, CUC faces $2,000 to $5,000 per day in penalties. CUC has already accrued $40 million each in penalties for SO1 and SO2.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Commonwealth Utilities Corp. has terminated its chief financial officer \u201cwithout cause\u201d a day after…<\/p>\n","protected":false},"author":51,"featured_media":228748,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[900],"tags":[3062,49,2103,8928],"class_list":["post-228693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","tag-adelina-roberto","tag-cuc","tag-gary-camacho","tag-victor-hocog"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/228693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/51"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=228693"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/228693\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media\/228748"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=228693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=228693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=228693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}