28 May 2010

Endebted South Korean developers in bid to rescue CNMI projects

12:29 pm on 28 May 2010

South Korean developers are about to arrive in the Northern Marianas in a bid to save their planned huge investments.

The heads of Neo Gold Wings Paradise and Flame Sako Resort and Spa will get to Saipan nearly two months after the Department of Public Lands notified them of land lease defaults.

The two have until the end of this month to pay 128,000 US dollars in unpaid land leases and interest charges or their land leases will be immediately terminated.

The Public Lands Secretary Oscar M. Babauta says his department welcomes efforts by both investors to pursue their planned 1.8 billion dollar investments, but they have to first pay their leases.