Guam – In responding to concerns from her opponent on the BOTA campaign, gubernatorial candidate Lou Leon Guerrero says she will sever ties with the Bank of Guam if elected Governor of Guam.
Leon Guerrero is the daughter of Bank of Guam Founder the late Jesus Leon Guerrero. Lou took over operations of the Bank in 2006 as its president, CEO and Chairman of Board of Directors.
In a letter signed by Attorney Tom Fisher to the GEC, Leon Guerrero’s earnings are listed, showing that she was paid a $528,000 in 2017, $653,000 in 2016 and that she also receives other benefits from the company.
While Leon Guerrero stepped down in May this year to run for governor, the BOTA campaign points out that she continues to earn dividends on bank stocks. According to Attorney Tom Fisher, Leon Guerrero was entitled to receive a quarterly cash dividend of $388,000 last month.
So what does her earnings have to do with her eligibility to run for Adelup? Fisher points out in his letter that the Bank of Guam has $650 million on deposit for the government of Guam and that most of the government’s financial transactions are done with the Bank of Guam.
“If elected governor, Ms. Leon Guerrero will be receiving and directing the government of Guam’s money in to what is in effect her own coffers and also receive income generated by these deposits. This is an obvious conflict of interest and would amount to self-dealing at its worst,” writes Fisher.
Leon Guerrero, however, says, she will relinquish her chairmanship to the board of directors for the Bank of Guam and will also divest all her interests in the bank.
You can read Fisher’s letter here.