Long, whose presentation last August helped convinced the Legislature to approve COP’s 15-year lease extension following Suwaso Corp.’s purchase, told Variety in an email that he has resigned as a non-share holding board member.
He did not say why but a copy of a report Variety obtained last week showed changes in the number and value of shares each partner holds.
The 120 days the Department of Public Lands gave Suwaso Corp.’s to submit its financial status was up yesterday.
Variety learned that failing to meet the deadline and the financial representations to DPL has bothered some shareholders.
Although DPL Secretary Oscar M. Babauta is confident Suwaso Corp. will meet the terms and conditions, he said people should understand the CNMI’s economic condition that impacts not only on COP but also other hotels and golf resorts in the islands.
Like anybody else, he said COP has been affected by this “economic dilemma.”
Meanwhile, Suwaso Corp.’s partner in China has been asking the company’s board so many questions. The investors want the board to explain “the discrepancy between general ledger and sub-ledger.”
The investor also wants Suwaso to explain the sudden change of shares from 20,000 in July to 60,000 in September.
The corporation report received by the Department of Commerce in July showed that the number of Suwaso Corp.’s shares was 20,000 and the amount paid for this is $2 million which means each share is worth $100.
Yusuke Fumoto, Suwaso Corp.’s president and chief executive officer had 17,000 shares while Vince DLG. Torres, the board chairman had 3,000.
All this changed in the corporation report submitted to Commerce last September.
The shares went up to 60,000 and each share has become $1,000.
Fumoto this time has 20,000 shares and Torres has 18,000.
There are now 22,000 shares owned by “Suwaso Corp.” listed separately from Fumoto and Torres.
