Det'on Cho gets new president
James Wong takes over from consultant Bob Murphy
James Wong sits in his office at the Det'on Cho Corporation's headquarters. Wong was recently named president and CEO of the company. - Karen K. Ho/NNSL photo |
Karen K. Ho
Northern News Services
Wednesday, October 28, 2015
SOMBA K'E/YELLOWKNIFE
There's a new face heading up Det'on Cho Corporation. James Wong has been named president and CEO of the economic development arm of the Yellowknives Dene First Nation.
"Now I'm on board and I'm going to be taking over all the current projects," he told Yellowknifer. "We'll move forward making sure all our projects are profitable."
Wong started the job last Tuesday following the announcement made by board chairman Jonas Sangris.
He said the biggest challenge will be addressing the big losses the company has incurred as a result of past contracts.
"It's important that we monitor the contract very closely in terms of the costs," Wong said. "(We) need to be more efficient and effective in order to minimize losses and be in a profitable position moving forward."
Wong takes over the role from interim president Robert Murphy of JLS Consulting and Business Management Services Inc. and Roy Erasmus Jr., who resigned as CEO and president of the company on Feb. 5 after 10 years there.
While the Yellowknife Chamber of Commerce named the corporation its business of the year in 2013, soon afterwards the company faced allegations it wasn't paying some contractors and was carrying significant losses.
The 2013 financial statement released by the YKDFN showed Det'on Cho struggling with $3.3 million in net losses and $156,127 in unpaid rent and leases.
In a previous interview with Yellowknifer, Murphy said part of what went wrong with the corporation was the bypass road. He said Det'on Cho did not do well financially on the $16 million, five-kilometre Ingraham Trail project, putting the corporation under strain.
Range Lake MLA Darryl Dolynny told the Yellowknifer in a previous interview that Bassett Petroleum was one of several Yellowknife businesses asking Det'on Cho to pay its bills.
He says other subcontractors have come to him with complaints that the construction firm isn't paying for work on the Ingraham Trail realignment project.
Last October, Bassett Petroleum Distributors Ltd. also sued Det'on Cho Construction Ltd. for $97,263 plus interest, claiming it owed funds for unpaid fuel deliveries.
Bassett's statement of claim was filed Aug. 5, 2014 in NWT Supreme Court.
Experience an asset
Wong isn't an outsider to how business operates in the territory and in the city. Before he arrived at Det'on Cho, he held senior management positions with Diavik Diamond Mine, the GNWT's financial management board, was president of an accounting and business consulting practice and most recently worked with the territory's Business Development and Investment Corporation as comptroller.
When it comes to professional qualifications and certificates, Wong is a chartered accountant in multiple countries, holds a Masters of Business Administration, and is also a certified fraud examiner. He also plans to stick around,
"I love this place," he said. "My children all grew up here."
Wong said his experience at overseeing the construction of the Diavik Diamond Mine in early 2000 and at a major accounting firm will help him ensure future contracts will not suffer the same losses.
"We were able to get that project under budget and ahead of schedule," he said. "I worked at PriceWaterhouseCoopers with extensive experience with multinational companies. I think this will come in handy in this position."
Ultimately, Wong acknowledged that he could have chosen to work in many other places and that turning Det'on Cho around will be a challenge But it's one he's eager to take on.
"I know people would run away knowing this company is in bad shape and has losses," he said. "It's a lot of work, I know that, it will a bumpy ride.
"But I think the most important thing is I would like to help the Dene First Nation to stand up on its feet again."
