GovGuam to Earn $1.5 Million in Unpaid Taxes on Hotel Sale | Guam News
The Guam government is set to earn more than $1.5 million in taxes owed by Polaris Guam LLC, which operates as Verona Resort & Spa in Tumon, following the hotel’s sale for $13.6 million. dollars in a federal bankruptcy case.
“Under the terms of the bankruptcy order, the government of Guam will receive approximately $1.1 million in unpaid taxes, with the Verona buyer assuming approximately $570,000 in unpaid property taxes,” said the Attorney General’s Office and the Ministry of Revenue and Taxation. in one release.
Attorney General Leevin Camacho and DRT Director Dafne Mansapit-Shimizu announced a partnership between the two agencies in 2019 to prioritize tax collection for the government of Guam. DRT has developed an injunction program and has referred several injunction cases to the OAG, including Polaris Guam LLC.
The agencies filed a lawsuit against the company in April 2019 in Guam Superior Court for unpaid business lien taxes, according to the statement. They then worked to ensure GovGuam’s interests were represented in the federal bankruptcy case, which began in 2020.
“Today’s historic payout is just the latest example of success brought about by our partnership with Director Mansapit-Shimizu and her team to prioritize tax collection efforts,” Camacho said in the statement. .
“Thank you to our Tax Collections Department and other members of our Tax Enforcement Division who were instrumental in bringing this case together and providing the necessary information to the Attorney General’s Office for this case” , Mansapit-Shimizu said in the statement. . “We are also grateful to AG Camacho and his team. It has been a priority of Governor (Lou) Leon Guerrero and Acting Governor (Josh) Tenorio that we invest in our tax collection and enforcement efforts. is a great success and is an illustration of what we can achieve when we work together.”
A lawsuit was filed against Polaris in late 2020 by Kloppenburg World Bell Partnership for nearly $1 million in unpaid rent, and Guam Teleholdings LLC, also known as GTA, for approximately $21,000 in unpaid services.
The cases culminated in the Verona auction in December 2021, Taieasy International Co. Ltd. being the winning bidder for $13.6 million. Taieasy had loaned $9 million to Polaris in 2019, according to court documents.
A sales trustee report names the buyer Tyche Acquisition Guam LLC.
Taieasy had assigned its purchase agreement to Tyche, which is not owned by Taieasy but is 100% owned by an offshore company in the Republic of Seychelles called Power Great Holding Co. Ltd., according to a motion asking the Guam District Court to change his decision. find Taieasy as a bona fide buyer. A response to the motion said Power Great Holdings was incorporated by Taieasy in Seychelles in 2017.
The motion was then withdrawn.