FIB responds to Koshiba’s FIAC applications comments

In a letter to Koshiba yesterday, the chairman of FIB, George Sugiyama, states that the FIB has reviewed Koshiba’s comments to the media, “ but is unaware of which companies or applications” are being referred to; and consequently, FIB is doing a follow-up of alleged three companies.However, FIB does not know the names of the alleged companies.  In his letter, Sugiyama asks Koshiba to provide the names of the companies so that the FIB “will review [their] files and determine the reasons why the companies may have been unable to gain licensing.”In response to Koshiba’s concern, as printed in the media, that there must be a valid reason and an explanation as to why a FIAC application is rejected, Sugiyama writes “The FIB is required by law to state reasons when a license [application] is rejected, and we are unaware of any application rejected without a written explanation.”In addition, Sugiyama asks that Koshiba provide FIB with names of individuals or companies whose FIAC applications were rejected without written explanatory reasons for rejection.Sugiyama further writes that the FIB files are public records and with advance notice “you and staff are encouraged to review FIB files relating to applicants and FIAC holders.” Last week, Koshiba told news reporters that “a lot of investors had showed interest in investing businesses in Palau but got tired of waiting” for their licenses; and FIB does not take actions on applications filed except for those “who have close connections with the government.” He told reporters that FIB is incompetent and has resulted in companies taking their investments elsewhere.