BREAKING: Pharma investor questions QC restrictions after Apatang signs tax break

BREAKING: Pharma investor questions QC restrictions after Apatang signs tax break

CNMI Investment LLC said restrictions in its Qualifying Certificate could make its proposed pharmaceutical manufacturing investment unworkable, even after Gov. David M. Apatang signed the tax incentive agreement Thursday night, Nov. 12.

"The Qualifying Certificate program should help attract investment and support its sustainable growth. It should not become a tool for imposing unnecessary restrictions or hurdles that make the investment unworkable," CIL chief executive officer Devan Pillay said in a statement today. Nov. 13.

Apatang's signing was disclosed during Friday's Commonwealth Economic Development Authority board meeting, prompting one director to describe the scheduled QC discussion as moot.

CIL, represented at the meeting by Pillay and principal Matthew Toh, was asked to submit its concerns over the signed certificate in writing before the CEDA board could consider them.

The company previously sought a 25-year QC with extensive tax exemptions for its proposed pharmaceutical and dietary supplement manufacturing operation on Saipan, including a $30-million investment fund to support related businesses.

More details to follow.