The continuing saga over the financial obligations of Palau Marine Industries Corporation (PMIC) and its other exposures as a result of shark fining and breaches in fishing laws, agreements and licenses, has become a virtual soap opera.
Attorney Richard Brungard has filed a motion requesting an injunction against the Government of Palau to keep it from suspending PMIC’s business license and operations.
Brungard claims that PMIC has been “sold†to Mr. Long Tai by its registered legal owner and Long’s son, Tai Jung Fei after a dispute over debts.
Brungard says as the new “owner†of PMIC, long isn’t obligated to pay any debts or penalties for violations the company committed during his son’s ownership.
The attorney has also asked the court to rule that all past debts of PMIC under Tai Jung Fei be consolidated, negating a settlement reached last week between the company and Palau government over its $5.8 million tax bill.
Ministry of Finance Legal Counsel, Assistant Attorney General David Fifer has in turn filed a motion to disqualify Attorney Brungard for allegedly committing fraud upon the court and conflict of interest. Fifer alleges in documents submitted to the court that Brungard has been acting for Long, but has been paid by Tai in a direct conflict of interest.
Minister of Finance, Elbuchel Sadang is out of country this week and not available for comment, but it is believed that a decision whether or not to revoke PMIC’s business license for “bad faith†in breaching a previous settlement agreement will be made early next week.
