Thu. Jun 20th, 2019

Private company sues Gov. Ngirameketii for breach of contract

By: L.N. Reklai

November 30, 2017 (Koror, Palau) A private company, K Holdings, Inc. recently filed a suit against Governor Elender Ngirameketii in his personal capacity for damages for breach of oral contract and fraudulent misrepresentation. [restrict]

The claim states that Ngirameketii had received a $250,000 dollar payment in January of 2015 in exchange for transferring Use Right for a water area with approximately a 4,545 square meter, Lot No. B14-24-05, in Koror State waters to K Holdings Inc. This transaction occurred in 2015 but Ngirameketii has not performed his part of the agreement to date.

Furthermore, the suit claim Ngirameketii had breached their oral contract by refusing to transfer the lot as well as pay back the money he received for it.

Additionally the suit claim that both K Holdings and Ngirameketii had agreed that since K Holdings was advancing the funds to purchase the Use Right, that should a third-party purchase the right from K Holdings, that K Holdings will be compensated for the original purchase price of $250,000 plus additional $50,000 for advancing payment and any additional profits will be split between the parties.

The suit asserts that Ngirameketii had fraudulently misrepresent  to K Holdings by agreeing to transfer the Use Right to them upon receiving the funds and thereafter refused to transfer the Use right  or refund the money to K Holdings.

K Holdings Inc., asks the court to order Ngirameketii to perform the contract and deliver the property, compensate for damages, attorney’s fees and other relief the Court deem proper.

The lot in question is Water/Submerged Land Use Right issued by Koror State Government to Ellender Ngirameketii, located adjacent to Fisheries Dock and Kramers Restaurant.  The term is for 50 years with 49 year option to renew.  The contract also has a provision that if no construction or improvements are commenced within one year from the date of the contract, the use right will automatically terminate. [/restrict]


ICB Bank and Pangea Foundation to cooperate on a password-based financial services business

June 14, 2019 - Palau ICB Bank will launch new financial services based on the Pangea Foundation and cryptography promote business.

ICB Bank on Thursday, the cryptographic currency foundation Pangea (PAN) and block chain-based cryptography and signed business agreement to promote the financial services business.

ICB Bank uses the Pangea Foundation's password currency 'Pangea' to combine financial services. We plan to jointly promote various Pin Tech businesses.

In particular, ICB Bank is working with Pangea Foundation. ICB Bank promote issuance of visa cards and master cards based on cryptography. The company is releasing debit cards that can be settled as collateral.

If a Visa or Master Card is actually issued, payment will be made in everyday life anywhere in the world. It is becomes possible, consumers can use the Visa/Master Card on-line merchant's Bitcoin, Ethereum.

The bank, a financial institution works with the Cryptographic Fund to provide financial services that can be applied in everyday life. The roll out is expected to be the first in the block chain pin tech industry.

An official from the Pangea Foundation said, "Working with the bank, in the future, global credit card companies and we will expand services to Eurpoe, Latin America and other countries in connection with possible banks." he said.

On the other hand, Cryptography Pangea (PAN) is an ERC20-based token used for remittance and payment. Adds a centralize authentication agreement to decentralized lenders technology for faster transaction rates. Billing platform at the same time. Currently, Indonesia, Vietnam, Uzbekistan, Europe, etc. and the Cryptographic Exchange of eight countries in Southeast Asia and Latin America.

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