Ocean Adventure replaces exec wanted for syndicated estafa
Subic Bay Freeport, Philippines — Subic Bay Marine Exploratorium Inc. (SBMEI), the parent company of Ocean Adventure and Camayan Beach resort hotel, has replaced its top executive Timothy Desmond, who is in hiding to evade arrest for syndicated estafa.
Arthur D. Tai has taken over the reins of the company as President and Chief Executive Officer (CEO) by virtue of an appointment by the newly-elected board of directors.
“We’re at a point now where there are tremendous opportunities for the growth of both Ocean Adventure and Camayan and my role, as I see it, is to navigate the company to maximize its huge potential. ” Tai said.
Tai, who will also serve on the board of SBMEI, will provide strategic oversight and direct day-to-day management of the company, drawing from two decades of regional experience in his management and financial review, structuring and re-structuring of projects and programs involving international investors and Asian partners as a principal in Oxford Associates, Inc., an American business consultancy specializing in business and management consulting for western companies in Asia.
In his prior role at Oxford Associates Inc, Tai served a client portfolio ranging from US Fortune 50 high-technology companies to non-governmental organizations like the International Institute of Education and the US National Academy of Sciences.
Before joining Oxford Associates, Inc., Mr. Tai was with AlliedSignal Inc. in the 1980s, then a US Fortune 30 corporation. He developed, evaluated and executed plans for corporate investment in the Pacific Rim, including Oceania, for Allied Signal.
Gail Laule, who was also appointed as Ocean Adventure’s Chief Operating Officer (COO) and is a founding investor of the company, said that ” I am pleased that Arthur agreed to lead Ocean Adventure because that will only mean good things for the company. His financial expertise, background in international business, and operational savvy will serve us well. We are in very capable hands. “
Erswhile head Desmond has been dodging law enforcers since an Olongapo City Regional Trial Court (RTC) judge issued two (2) warrants for his arrest last month, for allegedly gypping a business partner of over $2 M in investments.
The warrants are for “syndicated estafa,” a non-bailable offense, and “simple estafa” for which Olongapo Executive Judge Richard Paradeza set bail at P80,000.
A one million peso (P1 M) reward has been raised for information leading to Desmond’s arrest, according to PECABAR Law Office, counsel of the complainant.