Navajo Nation pays off company's loan
Wednesday, September 19, 2007
Filed Under:
Business
The Navajo Nation's Economic Development Division has been making loan payments on behalf of a company whose CEO was convicted of federal charges.
BCDS Manufacturing Inc received a $2.2 million loan with the backing of the tribe.
But the company has missed several interest payments, The Farmington Daily Times reported.
Allan Begay, the director of the division, decided to make the $15,000-a-month payments. But he said BCDS will have to start making payments in October.
BCDS CEO Hak Ghun was convicted of mail fraud, wire fraud, commodity fraud and perjury in 1994.
The tribe never did a background check on him before going into business with his company.
Get the Story:
Navajo Nation bails out company's loan
(The Farmington Daily Times 9/19)
Relevant Links:
Navajo Nation -
http://www.navajo.org
Related Stories:
Editorial: More poor planning on Navajo Nation loan
(6/20)
Navajo Nation didn't check
background before loan (6/7)
Navajo Nation investigates
alleged loan misuse (6/6)
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