DPL chief: We’re doing a great job

DEPARTMENT of Public Lands Secretary Marianne Concepcion-Teregeyo said her department managed to increase the security deposit amount for Imperial Pacific International’s Garapan property from $250,000 to $10 million.

Concepcion-Teregeyo said when IPI and DPL signed the lease for the Garapan property in 2015, the original agreement indicated that the deposit for the property was  $250,000.

She said when she came on board, and “with the guidance  of the Attorney General’s Office, we, DPL, were able to get $10 million…[after] three weeks of long discussions.”

She added, “DPL fought hard, and we made sure we got more funds and that we are protected. In the end, we signed the papers, and we received the $10 million plus some property as collateral.  DPL is also able to keep the interest on that $10 million deposit. So I would like to say that DPL is doing a great job. We have a very strong team here. We vet everything and do our job right, so when we get criticized for not doing due diligence, it’s not true.”

She said IPI tried to get the $10 million deposit back. “But we told them, until they could provide us with a couple of things for their Garapan property and assure us of their construction progress, we would not release the $10 million. So again, we are doing our job here, and we are not trying to fast-track anything.”