Martin Defense Group

Martin Defense Group, formerly Navatek is a military contractor based in Hawaii, founded by Steven Loui in 1979. It was later sold to Martin Kao.

Company history

Navatek was founded by Steven Loui in 1979 (1979).[1] Martin Kao joined Navatek as CFO in the late 2000's, and in 2012 took over the company.[2] Loui sold the company to Kao and gave him most of the company's shares in 2019.[3]

Navatek changed its name to Martin Defense Group in September 2020.[4][5] An indictment against Kao was unsealed on 30 September 2020. Kao was charged with bank fraud and money laundering related to the CARES Act.[6] In November 2020, Kao stepped down, with Daniel J. Brunk taking over.[7][8] In September 2022, Kao plead guilty to bank fraud and money laundering in a plea agreement with federal prosecutors.[9] Kao's sentencing was scheduled for January 2023. However, in January, Kao faced a new federal bank fraud charge.[10] He pleaded not guilty. In 2022, ownership of Navatek reverted back to Loui. Loui has renamed the company "PacMar Technologies".[11]

Hydrofoil catamarans

They purchased an 85-foot (26 m) hydrofoil catamaran named the Skye and known as Navatek II. By 2019 it was sitting, derelict and gathering fees, in the Ala Wai Harbor. and failed to sell at auction. It began to sink, then was removed by crane.[12][13][14]

The company donated a similar 45-foot (14 m) vessel to Hawaii Pacific University in 2016.[15]

Lobbying

Kao and Navatek made notable political donations from 2013 to 2020, prompting an investigation into their donations to Rep. Susan Collins.[16] On February 10, 2022, three former executives, including Kao, were indicted for illegal campaign contributions.[17] All three have plead guilty and face sentencing in August 2023.[18]

See also

References
  1. https://www.linkedin.com/in/steven-loui-a61ba21a/>
  2. https://www.linkedin.com/in/martin-kao-1118a01a/
  3. https://www.civilbeat.org/2022/07/the-fight-to-save-a-top-hawaii-defense-contractor-as-federal-fraud-charges-swirl/
  4. Group, Martin Defense (25 September 2020). "Navatek Unveils New Vision and New Name - Martin Defense Group". GlobeNewswire News Room (Press release). Retrieved 18 May 2021.
  5. "Navatek Rebrands as Martin Defense Group". ExecutiveBiz. 28 September 2020. Retrieved 18 May 2021.
  6. "Hawaii CEO Charged with COVID-Relief Fraud". justice.gov. 30 September 2020. Retrieved 18 May 2021.
  7. Group, Martin Defense (20 November 2020). "Martin Kao Steps Down as CEO of Martin Defense Group". GlobeNewswire News Room (Press release). Retrieved 18 May 2021.
  8. "Prominent Hawaii Defense Contractor Arrested For CARES Act Fraud". Honolulu Civil Beat. 30 September 2020. Retrieved 18 May 2021.
  9. https://www.civilbeat.org/2022/09/hawaii-defense-contractor-admits-to-pandemic-relief-fraud/
  10. https://www.civilbeat.org/2023/01/ex-defense-contractor-pleads-not-guilty-to-mortgage-fraud-in-hawaii/
  11. https://www.civilbeat.org/2023/06/rigging-the-system-the-martin-kao-case-offers-an-inside-view-of-pay-to-play-politics/
  12. "Navatek II fails to sell at auction". Honolulu Star-Advertiser. 1 July 2019. Retrieved 18 May 2021.
  13. "Navatek still stuck at the Ala Wai Boat Harbor". KHON2. 19 May 2019. Retrieved 18 May 2021.
  14. "VIDEO: Navatek no longer an eyesore". KHON2. 12 September 2019. Retrieved 18 May 2021.
  15. "Navatek Donates Advanced Design Catamaran to HPU". hpu.edu. 21 April 2016. Retrieved 18 May 2021.
  16. "This Hawaii Defense Contractor Has Emerged As A Major Political Player". Honolulu Civil Beat. 18 March 2020. Retrieved 18 May 2021.
  17. "Former Government Contractor Executives Indicted for Unlawful Campaign Contributions". 10 February 2022.
  18. https://www.civilbeat.org/2023/06/rigging-the-system-the-martin-kao-case-offers-an-inside-view-of-pay-to-play-politics/
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.