VIDEO: CNMI Tracks Down William Millard; Commonwealth Says Tycoon Owes $118M in Back Taxes

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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.

Tycoon allegedly owes CNMI govt $118M in unpaid taxes, interests

A man once listed as among the richest people in America and who owes the CNMI government over $118 million in unpaid income tax plus interest on judgments has been tracked down with the help of a New York-based law firm that the Fitial administration tapped in 2010 in hopes of collecting what’s owed to this U.S. territorial government.

If the CNMI government succeeds in collecting the over $118 million in unpaid taxes from ComputerLand Corp. retail chain founder William H. Millard, then this money will help the Commonwealth’s shrinking economy.

Millard and his wife Patricia lived on Saipan for years during which time they sold their interests in ComputerLand for over 200 million.

They left in August 1990 and their whereabouts have been unknown, until recently when the CNMI government’s lawyers and investigators tracked Millard and his wife on Grand Cayman Island in the western Caribbean.

Gov. Benigno R. Fitial and Lt. Gov. Eloy S. Inos announced yesterday that the government initiated proceedings in the U.S. District Court of the NMI against Willard and his wife Patricia Millard in relation to a $118,043,5353 CNMI income tax claim.

The Fitial administration tapped New York-based Kobre & Kim in 2010, to lead the case in going after the Millards to collect the unpaid taxes.