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Hawaii Losses Weigh Heavy for Sealaska Corp.

Published On: May 16 2014 11:42:05 PM AKDT
Hawaii Losses Weigh Heavy for Sealaska Corp.

The Native regional corporation for southeast Alaska has reported losses of $35 million, with blame going to a subsidiary in Hawaii.

CoastAlaska reports Juneau-based Sealaska is reporting the net loss for 2013. Sealaska says 75 percent of the loss was from a construction company based in Hawaii, which had underestimated two federal projects.

The managers of the subsidiary have been fired, and it is no longer bidding on similar projects.

The other losses were related to efforts to lobby Congress to transfer timber lands in the Tongass National Forest to the corporation.

The losses come ahead of board of directors elections during the annual shareholders meeting in Seattle next month. Besides the corporation's chief executive stepping down, there are 10 Sealaska shareholders challenging three incumbents for board seats.