This 240-day deadline, he added, “is not an issue because we already submitted all the requirements” to the Department of Public Lands.
Torres said COP is in good standing with its 15-year permit from DPL.
Suwaso Corp., he added, has “absolutely no problem” with its investors in China with regards to the company shares.
A copy of the financial report from the Department of Commerce indicated a change in the number of shares but Torres said “this is not an issue at all.”
Yusuke Fumoto, Suwaso Corp.’s president and chief executive officer, is on island and attended the company’s Christmas Party last Saturday.
Torres said Fumoto’s presence indicates that COP’s business is very much alive, adding that more customers are coming in.
He said the resignation of board member Philip Mendiola-Long, who held no company shares, did not hurt the company.
Mendiola-Long’s resignation is part of the usual business operation, Torres added.
“So his resignation has no impact or effect on COP’s hotel and golf course business,” he said.
Torres also wants to make it clear that his wife Rowina has nothing to do with the resignation of Suwaso Corp.’s long time comptroller, Matty David.
He said the comptroller resigned because she is moving to the U.S to join her two daughters there.
“And for the record, my wife is not acting as the comptroller in any way or form. We have accountants that do all the proper accountings,” Torres said.
When Suwaso Corp. was applying for a 15-year land lease extension there were other groups interested to run COP.
One of them was China-based Pacific Investment and Development Corp. which told DPL last August that it could pay the government $10 million upfront and hire 200 local residents.
Last week, Pacific Investment and Development Corp. president Cheong Pui Ng increased his offer to $11 million.
