Guam – The Fitial administration has tracked down William H. Millard to Cayman Islands. The ComputerLand Corp. retail chain founder and his wife Patricia owes the CNMI government $118 million in unpaid taxes, including interests.
The Saipan Tribune reported that Millard was found with the help of New York-based law firm Kobre & Kim, which the Fitial administration hired in 2010 to specifically go after the Millards and collect the unpaid taxes.
The Millards briefly lived in the Commonwealth during which time they sold their interests in ComputerLand for over $200 million.
On subsequent tax returns filed by the Millards, they claimed use of the reduced income tax rate available to residents in order to lower the tax on gains from the sale of ComputerLand stock.
However, the Fitial administration said Commonwealth law specifically precludes use of this reduced income tax rate on assets acquired prior to establishing residency.
In July 1994, the CNMI obtained judgments against the Millards in the amount totaling $36.6 million. Accumulation of statutory interest the past 17 years though has increased the amount they owe in unpaid taxes to $118 million.