Alvaro said the change of leadership had nothing to do with MPLT’s controversial acquisition of private property for its office.
“Our by-laws call for an annual election of officers,” he added.
He said he has been the board chairman for the last three years and “I believe that a rotation of posts is good for our organization.”
The election was held last December and the new officers assumed office on Jan. 9, 2009.
The rest of the officers are John E. Untalan, treasurer, formerly the vice chairman; Norman T. Tenorio, trustee, formerly the treasurer; and Gregorio Fitial-Omar, trustee.
In an interview, Hocog said there was nothing political about MPLT’s reorganization.
Hocog added that he will pursue the project to construct an office building for MPLT.
Last July, MPLT bought 4,000 sq. m. of private land at $68 per sq. m. for its office building on Capital Hill.
A resolution allowing MPLT to acquire the property for $700,000, including the payment for the architectural design and construction of the building, was unanimously approved by the board.
Under his leadership, Hocog said MPLT will continue its “successful investment activities in the past” which already resulted in a substantial increase in the value of its portfolio.
MPLT is the constitutionally created agency of the CNMI mandate to invest public land lease monies and remit its earnings to the government general fund.
Hocog said MPLT’s undertakings should not be construed as politically motivated because they are “looking into the general welfare of the commonwealth.”
