Minister of Administration and Finance Elbuchel Sadang of Palau

KOROR – Minister Elbuchel Sadang has responded to Senators Hokkons Baules and Joshua Koshiba’s letter of inquiry about the missing funds from the Bureau of National Treasury and told them to present the eye witness or evidence, if there is, to the Bureau of Public Safety and to the Attorney General’s Office for proper disposition.
You should not make baseless accusations on the radio unless you have proof to back them up and if you have such proof, please give it to the appropriate authorities so that we can resolve this situation,” Sadang said in his letter.
Sadang was referring to the letter of inquiry of Baules and Koshiba on September 15 about the missing $7,000 from the Bureau of National Treasury.
Sadang said the law forbids him from taking the dismissal action that the lawmaker’s letter demands without some evidence of wrongdoing.
Finance Minister Elbuchel Sadang said Merill Lynch oversees the money of Palau and the move of the company has no effect on Palau’s investment.
Mr Sadang said that as of 19 Sept 2008, the Compact of Free Association Trust Fund balances amounted to US$157,424, 043.
Mr Sadang said the money managers of Palau are Bank of Hawaii (BOH), Aberdeen, Atalanta Sosnoff, Missouri Valley Partners, Evergreen Investments and Gabelli Asset Management.
KOROR, Palau - Ministry of Finance chief Elbuchel Sadang said that the 7th South Pacific Mini Games will have a good impact on the Republic of Palau's local economy.
Sadang said that he is expecting a five per cent increase in gross revenues, which will be reflected in our quarterly report in October.
Though the revenue Palau generated in the Mini SPG will not match the 21 per cent it made during the Festival of Arts last year, Sadang is still upbeat about the expected result.
Sadang said that he also expects some $100,000 in departure taxes as well as a 10 per cent hotel tax in additional revenues.
Sadang said that aside from the revenue they will collect from the Mini SPG other benefits the Republic gained from hosting the quadrennial event are letting people know Palau can really host international events and is a great tourist destination.