Floating Casino Taken into Gov’t Custody

Wednesday, October 10, 2007
The Philippine government has taken custody of the MV Philippine Dream, also known as the Floating Casino, following its recent auction to a Singaporean firm, an official said. Neri Yu, legal officer of the Bureau of Internal Revenue (BIR-7) in Central Visayas, said a Philippine Coast Guard vessel secured the ship while the bureau is still waiting for the payment from Aston PTE Ltd., the winning bidder. Yu said Aston PTE Ltd. is already preparing $1.34m, which will be wired from a bank in Singapore to a bank in Mandaue City. Once payment is made, the bureau can execute a certificate of sale and the winning bidder can take custody of the vessel. The Singaporean firm, however, has asked if it would shoulder the $272,707 lien of the Bureau of Customs. Yu said the BIR Central office will resolve the matter within the week. For now, Coast Guard personnel, Bureau of Customs (BOC) and BIR representatives will guard the floating casino. The Coast Guard ship will remain anchored beside the vessel until payment is made. [Source: http://globalnation.inquirer.net]
Maritime Reporter February 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Education/Training

Naval EXPO Coming to Washington

For the first time ever, the general public will be admitted free to the Naval Future Force Science and Technology EXPO general exhibit hall Feb. 4-5 where they

Kongsberg Expands Louisiana Office, Training Facility

Kongsberg Maritime has purchased approximately 5.2 acres for new construction on an 82,980 sq ft office and training facility. Construction on the James Business

31 ARENA Projects Completed

ARENA has invested $1 billion in more than 230 projects, fellowships and scholarships that are paving the way for a more diverse energy future for Australia.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1596 sec (6 req/sec)