THE Department of Public Lands issued the following statement on Friday afternoon:
“Following the issuance of a Notice of Violation to MB Capital Holdings LLC for non-payment of rent and failure to submit required documentation within the compliance period, the Department of Public Lands subsequently received communication from the lessee requesting an opportunity to address the cited deficiencies.
“While there were external calls to move beyond the existing default and proceed toward lease termination, DPL maintained its fiduciary responsibility to uphold due process and provide the lessee a reasonable opportunity to cure in accordance with regulatory and contractual procedures.
“Despite public attention surrounding the matter, DPL emphasized fairness, transparency, and investor engagement, ensuring that enforcement actions remain consistent with DPL’s trust obligations under Article XI of the CNMI Constitution and Public Law 15-2.
“Upon meeting with the lessee, MB Capital paid in full all outstanding arrears immediately on the next business day and is now current on all rental obligations up to the next anniversary date. The lessee has also assured that all remaining compliance documents and project-progress materials will be submitted to DPL on an agreed schedule.
“DPL will review the forthcoming submissions to determine whether each item satisfactorily addresses the respective articles cited in the Notice of Violation. The Department’s next steps will be guided by the findings of that review and in accordance with applicable regulations, ensuring that all parties remain in compliance with their contractual obligations.”
This is a developing story.