ECHOING what he called the sentiments of Bank of Saipan’s board of directors, attorney David J. Lujan assured the CNMI government that they are working in “good faith” to ensure the bank’s rehabilitation.
Lujan is the representative of JLH Pacific Trust, one of the major shareholders of the bank. He said JLH is ready to “assist in any and/or reasonable efforts” to rehabilitate the financial institution. Lujan at the same time lauded the government’s efforts to save the financial viability of the bank.
“JLH Pacific Trust is willing to assist in any and/or reasonable efforts to rehabilitate the bank, provided the receiver and his lawyers are not conflicted,” he told Variety on Friday.
“(We) are meeting in good faith to try and reach a solution,” Lujan said.
Close to 35 percent of the bank’s shares is owned by JLH Pacific Trust. The two other major shareholders are the Calvo family of Guam and the Tan family—the CNMI’s largest garment manufacturer.
Lujan said the commonwealth economy “cannot afford” to lose an institution that has served the public for more than two decades.
“Let us pray, and set aside our egos and emotions so we can fix this problem,” he said. “(We need) for all the parties to sit down and it will be fixed,” Lujan said.
He said Attorney General Robert T. Torres’s proposal that JHL should infuse $9.5 million or more into the bank has to be justified. “If it is the sum total (needed for) rehabilitation, then that is not a good way of cooperation. They have not explained that amount,” Lujan said.
He added that the details and status of the ongoing negotiations should also not be released to the media.
He said the only thing that should be discussed publicly is an agreement that has been reached by all the parties involved.
