Bill tightens GEDA's loan policy - News: On Air. Online. On Demand.

Bill tightens GEDA's loan policy

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by Nick Delgado

A portion of discussions at today's legislative session focused on Bill 147, which would prohibit any business, criminally culpable employee, officer, director, owner, co-owner or shareholder from a company already in default with a Guam Economic Development Authority loan from applying for or receiving another loan.

The legislation was introduced after GEDA's board of directors gave the green light to award a $10,000 grant to Marianas Media, owned by John Dela Rosa and Sharla Montvel-Cohen and Attorney David Lujan.  The approval was made despite the fact that Dela Rosa and Montvel-Cohen's husband, Evan, had defaulted on a $300,000 loan several years before.

Evan Montvel-Cohen was previously sentenced to five years' probation after pleading no contest to a charge of first-degree theft and paying $30,000 in restitution to a Hawaii-based company.

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