28 Nov 2005

FSM justice department urged to investigate directors of failed fish firm

7:14 am on 28 November 2005

A senator in the Federated States of Micronesia has called for the justice department to investigate everyone who's served on the board of directors of the now defunct Micronesian Long-line Fishing Company.

The Yap senator, Isaac Figir, says the directors should be made liable for actions taken during their tenure as board members.

The company is located in Kolonia, Pohnpei, and was started up with the help of a million dollar grant from the national government.

It also received a 4.5 million US dollar loan from the Asian Development Bank, underwritten by the FSM government.

The corporation is now in receivership and the national government has to service the ADB loan with payments of 180-thousand US dollars each year.