30 Apr 2009

Guam Authority says a number of companies owe it money

11:48 am on 30 April 2009

The Guam Economic Development Authority or says it has 15 cases currently in litigation with companies that owe GEDA-backed government loans as far back as 1978.

The authority yesterday provided media access to its 30 outstanding loan portfolios, but was not able to provide information on which of the 30 loans are delinquent, or details of each lawsuit currently in litigation.

After the release of the authority's audit findings, the Office of the Public Auditor reported that of the six million US dollars in loans, GEDA can only collect 859,000, or 14 cents on the dollar.