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Palau

Palau pol i t ical reviews ‡ micronesia 199 A tug-of-war occurred between the Acting Independent Counsel/ Special Prosecutor Michael Copeland President Toribiong began the year and the attorney general’s office over under review with an “Open Letter the Pacific Savings Bank scandal. As to the People,” a sort of economic discussed in previous reviews (see manifesto, outlining what he plans Shuster 2007, 2008, 2009), the bank to accomplish over the course of his collapsed in November 2006 after administration. Relying heavily on being declared insolvent due to insid- Palau’s National Master Develop- ers’ loans, fraud, and outright theft. ment Plan, the president advocated At the time the bank was placed under a shift in economic activity from the receivership there were some 7,000 public to private sector, strengthen- depositors, with accounts valued at ing government agencies, identifying more than $20 million. Many of these financing strategies, revising Palau’s depositors have received payouts from foreign investment law, and gradu- the receiver, who borrowed money ally reducing the size of government. from the government of Palau to make He concluded, “As our government’s the payments; however, since large revenues grow due to increased private depositors still have not been com- sector http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Contemporary Pacific University of Hawai'I Press

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Publisher
University of Hawai'I Press
Copyright
Copyright © 2011 University of Hawai'i Press.
ISSN
1527-9464

Abstract

pol i t ical reviews ‡ micronesia 199 A tug-of-war occurred between the Acting Independent Counsel/ Special Prosecutor Michael Copeland President Toribiong began the year and the attorney general’s office over under review with an “Open Letter the Pacific Savings Bank scandal. As to the People,” a sort of economic discussed in previous reviews (see manifesto, outlining what he plans Shuster 2007, 2008, 2009), the bank to accomplish over the course of his collapsed in November 2006 after administration. Relying heavily on being declared insolvent due to insid- Palau’s National Master Develop- ers’ loans, fraud, and outright theft. ment Plan, the president advocated At the time the bank was placed under a shift in economic activity from the receivership there were some 7,000 public to private sector, strengthen- depositors, with accounts valued at ing government agencies, identifying more than $20 million. Many of these financing strategies, revising Palau’s depositors have received payouts from foreign investment law, and gradu- the receiver, who borrowed money ally reducing the size of government. from the government of Palau to make He concluded, “As our government’s the payments; however, since large revenues grow due to increased private depositors still have not been com- sector

Journal

The Contemporary PacificUniversity of Hawai'I Press

Published: Mar 26, 2011

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