PHC, is Palau registered company whose incorporators are Japanese businessmen.
Earlier NDBP was questioned for granting a $3 million loan to PHC, property developer of the site where the Amman Resort is building their new resort-type hotel.
Udui explained that the loan was not given to Amman Resort but to the developer, though non-Palauan citizens, the owners are duly-registered company in Palau.
According to FIB records, PHC obtained their certificate in 2008 and their scope of work is “to construct and own a resort hotel and related facilities.”
The new resort will be located in Ngermid where Hotel Nikko used to operate.
The certificate also stated that managing of the hotel will be undertaken by Amman resort which obtained their FIB approval separately.
The document also stated that the project involves $12 million in investments.
The Senate sent a second subpoena to NDBP President Kaleb Udui asking him to submit pertinent documents on the policy decisions of the bank.
One of issues raised in the Senate is why NDBP granted a loan to a non-Palauan company but Udui explained that the decision of the board was based on NDBP’s mission to promote the economy of Palau and especially high-end tourism.
Udui said however said thatthat the second subpoena sent to the bank by the Senate has not stated clearly what is the oversight investigation is for.
