THE Attorney General’s Office wants the former chief banking regulator for the commonwealth, Oscar C. Camacho, to replace attorney Randall Fennell as the receiver for Bank of Saipan.
AGO asked the Superior Court to replace Fennell, the temporary receiver, with Camacho as permanent receiver
Camacho has a master’s degree in economic risk assessment. He has extensive experience in the private and public sectors. His major accomplishments include opening up of the CNMI banking market, discoveries of bank insider frauds and abuses that led to successful prosecutions, AGO said.
Camacho was also responsible for the establishment of a surety business for local contractors to effectively compete for federally funded projects. At present, he is managing and operating Island Surety Associates, Inc. and does general business consulting services, AGO said. He is the brother of Public Safety Commissioner Edward C. Camacho.
Fennell had expressed willingness to be a temporary receiver and stated he had no desire to continue on as the receiver beyond May 29.
Superior Court Presiding Judge Edward Manibusan granted last April 30 acting Commerce Secretary Fermin Atalig’s petition for the appointment of Fennell as a temporary receiver for 30 days. The judge then set a review hearing after 29 days regarding Fennell’s appointment.
Assistant Attorney General Allan L. Dollison, in Atalig’s motion for substitution of receiver filed on Friday, said that since the court granted Atalig’s petition for receivership, Fennell had filed numerous reports, as well as the bank re-opening plan.
Dollison said the receiver had indicated that the bank was still in a “poor liquidity situation,” and that recovery efforts needed to begin to return bank assets wrongfully removed.
Dollison said Atalig concurred with these findings and was urging the court for the continuation of the appointment of a receiver.
After the court granted the petition for receiver, there had been numerous filings by the corporate counsel for Bank of Saipan, objecting to Fennell as the receiver.
In those filings, Dollision said, the former corporate counsel for Bank of Saipan indicated that the board of directors had no objection to the appointment of Camacho.
