ACTING Gov. Diego T. Benavente said yesterday that Bank of Saipan should be open in a “month or less.”
In a statement, Benavente said the bank’s appointed receiver Randy Fennel had informed the administration that he was working on the reopening of the bank.
“The receivership of Bank of Saipan is proceeding in an orderly manner. The CNMI government has full confidence that the bank’s services to customers will be fully restored within a reasonable time,” Benavente said.
“I am assured by the court appointed receiver that the bank is solvent. All of the assets of the bank are accounted for. The bank has sufficient assets to cover all deposits,” Benavente said.
He added that Bank officials were working under the direction of the receiver to make all necessary funds available to depositors.
The government will make every effort to keep the public informed about the bank, he said.
“I know how difficult it is to have worries over one’s hard-earned money. I want to assure everyone that we have the situation well in hand and that the assets of the depositors will be preserved,” he said.
Benavente also asked the Department of Commerce to ensure that all bank customers are fully informed of the steps being taken to secure deposits and to reopen the bank as “quickly as possible.”
He said the information will be made available in Chinese, Bengali and Korean.
Anyone who would like more information should call the Department of Commerce, the acting governor said.
He said the CNMI government will continue to closely monitor the situation and to extend all assistance to protect the assets of the bank and to expedite its reopening.
Meanwhile, acting Commerce Secretary Fermin M. Atalig is seeking the cooperation of the nearly 50 employees of Bank of Saipan in the ongoing review of its financial records.
Atalig issued his appeal yesterday, saying that the review of the bank’s books, records, papers, files and every description belonging to the bank may take “days or even weeks.”
“We need the full cooperation of the bank employees,” Atalig told Variety yesterday.
“If the bank will not cooperate, we have the right to do what is necessary,” Atalig said.
Superior Court Presiding Judge Edward Manibusan appointed Fennell to be the bank’s receiver upon the request of the government.
Fennel was appointed receiver for 30 days. He will manage the withdrawal of deposits, take possession of assets, liabilities, books, records, papers and files of the bank, collect all loans, fees and claims of the bank.
He is also tasked to manage the daily operations of the bank, and take all measures to generate revenue, collect sums owed to the bank and other means to re-establish the bank’s solvency and ensure its continued operation.
The government asked the court to place the bank under receivership due to the uncertainty triggered by the arrest of its former president and CEO.
Tomas B. Aldan, together with three other persons, was indicted for allegedly attempting to defraud the bank.
