THE Bank of Saipan on Wednesday returned to the CNMI Department of Finance the remaining BOOST or Building Optimism, Opportunities and Stability Together Program funds in the amount of $856,338.78.
In a letter addressed to Bertha Camacho, acting secretary of Finance, Bank of Saipan said following the BOOST program and applications recommended by the Grant Review Panel and approved by Gov. Ralph DLG Torres, the bank cut 28 award checks in the amount of $831,000 which have not been distributed. The bank has voided the award checks and has ceased issuing award checks altogether given the concerns about the BOOST program.
In addition, the Grant Review Panel recommended 22 other BOOST applications that were approved by Governor Torres, but the checks for which had not been prepared by the bank due to insufficient funds to cover the awards.
The bank returned the remaining BOOST funds in two cashier’s checks — one in the amount of $831,000 for the 28 voided award checks and the other for $25,338.78, the balance of BOOST funds.
“The decision on what to do with these checks properly belongs to the CNMI government,” the bank stated in its letter to Finance.
