Navajo Nation faces $3.5M loss over failed loans
Wednesday, December 10, 2008
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Business
The
Navajo Nation could be out $3.5 million as a result of two failed loans that have been called in by commercial banks.
The tribe took over Biochemical Decontamination Systems Manufacturing Inc. after the company failed to make its loan payments. The firm's former chief executive officer, a convicted felon, has since fled the reservation, leaving the tribe on the hook for a $2.2 million loan from
JP Morgan Chase.
A second business, Diné Poultry Products, received a $1.2 million loan from
Native American Bank with the tribe offering collateral. The company is waiting for word on a $7 million loan from the
Bureau of Indian Affairs.
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Navajo Nation in danger of losing $3.5 million
(The Farmington Daily Times 12/10)
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