In a letter to PSB receiver Kaleb Udui , President Toribiong has asked him to provide his advisor, Haruo Wilter pertinent documents to assist potential investors to revive the collapsed bank to “ the possible relief of its depositors.”
The president said he is consultation with a Saipan-based law firm which has earlier shown interest in saving the bank.
Eduardo Calvo of Calvo & Clark is inquiring regarding pertinent documents of the bank which include the latest year end and current financial statements, audit report, status loan, deposits and other outstanding obligations of the bank.
The president asked documents on this matter from Udui.
Toribiong claims that the firm represents the company which revived the collapsed Bank of Saipan.
PSB was the first locally owned bankand has more than $20 million in deposit when it was declared insolvent and placed under receivership in Nov. 2006.
There remain 641 depositors who have not recovered their money totaling $18 million from the collapsed bank.
At the time the bank was placed under receivership, there were 7,335 deposit accounts worth about $20,638,334.
The president said in order for the depositors to recover their deposits the most viable option is revive the bank.
He said another option that may be considered is that in the event that the bank is revived, the depositors can instead acquire equities from the bank.
The president added that a revival of the bank will not affect current investigation being conducted by the Independent Counsel.
Toribiong blamed the Financial Institution Commission (FIC) for failing to protect the depositors at the time that PSB was being rumored to be closed down.
“The FIC failed in its job to protect its depositors, they allow it to happen,” Toribiong said.
