Angelina “Tin” Podiquit, whose job contract was not renewed, told Variety that Suwaso Corp., which owns COP, was having a hard time paying its employees and vendors because the money the company had when she left two weeks ago was down to $10,000.
Since new investors took over Suwaso Corp. three months ago, Podiquit said the biggest daily income the hotel earned was $2,000.
Despite the slow business, Podiquit said Suwaso hired too many new employees. From 50, she said the number of COP workers is now 93.
She said this was why Suwaso president and chief executive officer Yusuke Fumoto hesitated to put in more money for payroll.
Podiquit said the Japanese partner had to raise $100,000 for the first month of their operation. He also had to buy a new company car — a $20,000 Lexus.
But in a telephone interview yesterday, Suwaso Corp. chairman Vince DLG. Torres, who just arrived from Japan, said they have had no problems with payroll and their daily income is enough to pay all their employees.
He said Podiquit has a grudge against COP because her contract was not renewed.
“The stability of COP is going on as planned,” Torres said.
He said he was just with Fumoto in Japan where they discussed further plans for COP.
“Fumoto is okay,” he said adding that their Japanese partner also denied Podiquit’s claims.
Torres admitted they hired over 40 new employees after they bought COP, but “we’re taking care of them.”
In a telephone interview, Fumoto said he was very surprised and angry upon seeing the news story in the Saipan Tribune which reported that he had already pulled out from Suwaso Corp.
He said Podiquit’s claim was not true.
Fumoto said Kiyoshige Terrada the original owner of COP, personally requested him to help the golf resort recover.
Terrada, according to Fumoto, loves COP and the CNMI so much that he wants investment to continue in the islands.
But Terrrada is already 75 years old and no longer strong enough to carry out his dreams for the CNMI and COP, Furnoto said.
“So he requested me to invest and try to help in the recovery of not only COP but also the entire CNMI economy,” Fumoto said.
That is why it is very devastating for Terrada to hear about the false news that he, Fumoto, had pulled out from COP.
Fumoto said he allowed COP managers to hire more locals because he believes in them, and that was one of the promises he made to the CNMI government four months ago.
He is confident that COP will recover in one year.
After buying the previous Suwaso owners’ major shares in July and obtaining a new lease agreement with the Department of Public Lands, the new owners promised to invest $22 million and make COP, “one of the best golf resorts in the Pacific region.”
Of the $22 million, the new owners said $7 million will be immediately invested to pay all the obligations left behind by the previous owners. These includethe $300,000 in developers tax; the $150,000 Department of Public Works review fee; $813,000 excise tax; $750,000 construction business gross revenue tax; $9,000 Commonwealth Ports Authority rental fee; $97,000 DPL rent; and the $919,728 past due CNMI taxes.
