Oscar C. Camacho, who served as acting executive director for almost a year, is back to his original position as loan manager.
In an interview on Friday, CDA Chairman Pedro I. Itibus said they appointed Sablan on Dec. 17, 2008 and wanted him to start working in January.
But since Sablan is already on retirement and collecting pensions from the Retirement Fund, he needed to address the issue of possible double-dipping.
Itibus said Sablan resolved this issue by suspending his retirement pensions.
According to Itibus, Sablan wants to help CDA which now faces an up to 87 percent delinquency rate and has yet to collect $13 million in outstanding loans.
Sablan was first director of the CDA’s predecessor, the Economic Development Loan Fund, Itibus said.
During the December board meeting, it was CDA board member Antonio M. Borja moved to formally appoint Sablan and he was seconded by board member Oscar Quitugua.
Itibus said Camacho has done a good job as acting executive director but is more needed by the loan department “since that’s his expertise.”
