In a telephone interview yesterday, he said Neo Gold Wings must meet three conditions.
One is to remit the over $100,000 in lease payments the company owes DPL.
The company must also comply with a new land lease standing policy that requires investors to pay a one year advance.
Neo Gold Wings, in addition, must pay DPL a minimum of $3 million to be deposited in an FDIC-affiliated bank in the CNMI under an escrow account.
Babauta said there will be no new deal with Neo Gold Wings if it fails to meet these conditions.
The DPL secretary recalled that last year’s termination of Neo Gold Wing’s lease was the result of the company’s failure to pay its monthly rent since it leased the 300-hectare land on Tinian two years ago with a promise of building a “world class hotel” with a resort and casino.
Babauta said Kwi Dong Woo, the vice chairman of Neo Gold Wings Paradise Holding USA Corp., asked him to reinstate their permit. The company promised to invest $1.6 billion on Tinian, the DPL secretary said.
Babauta said the amount of the investment surprised him. Neo Gold Wings previously promised to invest $1.2 billion.
Woo, he added, told him the company has found a “diverse group of financiers” from different Asian countries.
But Babauta said DPL cannot just reinstate the lease that has been officially terminated.
