A secretive group called North Cove Management said an off-shore bank on the Navajo Nation "will cure everything that the Navajo Nation needs as far as through economic development," The Gallup Independent reports.

Fred Barrett of North Cove gave a presentation on the proposed foreign depository to the Navajo Nation council on Tuesday. He said the tribe, with an initial investment of $60 million, would see $30 million in profits a year.

Barrett has declined to name his partners but said they were wealthy people from around the world. He said the bank will help the tribe pay off $450 million in bonds Navajo Nation President Joe Shirley Jr. is proposing.

Some within the tribe are skeptical of the deal. The assistant attorney general contends the scheme is a fraud. Some council delegates aren't convinced it is a good idea.

Get the Story:
'Off-shore' banking plan: $60M up front gets $30M a year profit (The Gallup Independent 4/8)

Relevant Links:
Navajo Nation - http://www.navajo.org

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