Division of Revenue and Taxation Chief Ricardo Basouch in a letter to Danilo Celis, General Manager of PMIC said that the company is already 30 days in “default” of its agreement to pay off the Gross Revenue Tax judgment in Civil Action No. 06-205.
PMIC was supposed to pay a total of $1,250,227.46 last Nov. 15, 2008 as part of the settlement agreement.“Even more disturbingly, no efforts have been made by PMIC to make partial payment or renegotiate the agreement. Therefore I have no choice but to revoke PMIC’s business license effective 12 noon of December 24,2008,” Basouch said in the letter.The letter provided to reporters further stated that all business operation of PMIC should cease.“As PMIC’s license is revoked, all fishing boats must immediately cease fishing and must return to Koror to offload their catch into the PMIC freezer. After they unload, they may depart Palau. They must leave empty and may not fish on their way out. Marine Law enforcement is being informed of this and shall enforce compliance,” the letter said.The letter further added that because the license has been revoked no fish may be exported by PMIC.A judgment was earlier entered ordering PMIC to pay $5,743,284.78 plus nine percent interest.The government and PMIC then forged a settlement agreement in the amount of $1,250,227.46.
