“It is with such disgrace and dishonor that all of you have failed to recognize that you are held to strict standard of fiduciary duty entrusted to make reasonable and prudent investments with monies entrusted and protected in your care beneficial to the Northern Mariana Descent Chamorros,” Cruz said in a letter to MPLT Chairman Alvaro Santos.
Cruz said MPLT is “adhering to a flawed and questionable loan request without the actual consent and involvement of the Northern Marianas descent people of the land.”
CUC wants to borrow $4.5 million to make an initial payment to Aggreko International Project, which will provide temporary power on Saipan for 52 weeks.
MPLT’s Santos said the $.4.5 million loan to CUC has been put on hold since “it needs the approval of the Legislature.”
Cruz said MPLT should be investigated.
