THE Tuesday, April 30, issue of Marianas Variety included misleading statements about the Tan family in connection with a story on Bank of Saipan. As shareholders in the bank, the Tan family wishes to clarify the following points.
The Tan family’s personal investments in the bank remain intact. The banking relationship with Bank of Saipan has been normal and we have not advised nor encouraged any employees of the Tan Holdings companies nor affiliates to withdraw funds. No attorney working for the Tan family, nor Tan Holdings, have taken funds out of the bank as a result of the recent events.
We value Bank of Saipan and we are not happy with the recent events which led to the indictment of individuals who at one time presented themselves as investors interested in buying the bank. We contacted the U.S. attorney and banking commissioner on this matter when we discovered irregularities.
The recent indictments are unfortunate. However, we believe this matter will be dealt with appropriately by the proper authorities.
WILLIE TAN
President
Tan Holdings Corp.
