YAP SENATOR WANTS FISHING COMPANY PROBED

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WELLINGTON, New Zealand (RNZI, Nov. 27) – A senator in the Federated States of Micronesia (FSM) 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.

Yap Sen. Isaac Figir says the directors should be 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 US$1 million grant from the FSM government. It also received a US$4.5 million loan from the Asian Development Bank, underwritten by the FSM government.

The corporation is now in receivership and the national government has been forced to service the ADB loan with payments of US$180,000 each year.

November 28, 2005

Radio New Zealand International: www.rnzi.com

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