Not investors who become instruments for greedy hands to play with, mind you, but investor friendly. Meaning laws and regulations encouraging legitimate investors. How do we make ourselves investor friendly? By enacting laws and promulgating regulations that are not overly protective. How do we do that?
A perfect example is the recent requirement for a deposit of $3 million on land leases. The original land lease of Neo Gold Wings was revoked, because the company did not meet payment schedules and development timelines as stipulated in the lease agreement. That was it. End of lease agreement. The land was again ours.
Now, the company has come back willing to pay its delinquent account and make an advance payment in exchange for the same conditions to be placed back into the new agreement. Yet, here we are adding new rules that are even more ridiculous. I mean, really! What would a deposit of $3 million guarantee? I honestly don’t know the answer to that.
Therefore, my only conclusion is that it is a stupid regulation. Now, if someone comes forward and asserts creditable concerns about the environmental and social impacts of such an investment then I might be swayed or I would simply keep my mouth shut.
In the meantime, we are in dire economic straits, yet we are still riding on our high horses. I think it is time for us to get down and walk alongside anyone brave (or perhaps stupid?) enough to pursue such an ambitious development. But then again look at how Las Vegas turned out. It would certainly be a wonder that Bugsy Siegel has come back to life as a Korean national with morals so far removed from that of a gangster!
JUANITA M. MENDIOLA
Marpo Valley, Tinian
