Navajo Nation ousts convicted felon from business
Tuesday, October 16, 2007
Filed Under:
Business
The Navajo Nation has removed the CEO of a manufacturing company on the reservation.
The tribe is the majority partner in BCDS Manufacturing, a metal and fiberglass fabricating based in Shiprock, New Mexico. The CEO was Hak Ghun, who was convicted of mail fraud, wire fraud, commodity fraud and perjury in 1994.
The tribe never conducted a background check on Ghun before going into business with him. The tribe secured a $2.2 million loan on behalf of BCDS.
The tribe ended up making payments on the loan, though it's unclear who will pay off the loan now that Ghun is gone.
Get the Story:
Navajo Nation ousts Shiprock CEO
(The Farmington Daily Times 10/16)
Relevant Links:
Navajo Nation -
http://www.navajo.org
Related Stories:
Editorial: Navajo Nation makes a mess of loan
(9/25)
Navajo Nation pays off company's loan (9/19)
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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