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American Savings loses tax appeal

American Savings Bank has lost an appeal over back taxes and will take a charge of more than $24 million to net income in the second quarter of this year.

Parent company Hawaiian Electric Industries Inc. disclosed the ruling yesterday in a filing with the Securities and Exchange Commission.

The Hawaii Tax Appeals Court sided with the state Department of Taxation and upheld a ruling that American Savings is obligated to pay taxes and interest from 1999 through 2001.

American Savings had claimed a deduction on dividends it received from ASB Realty Corp., an American Savings subsidiary that is taxed as a real estate investment trust. ASB Realty was formed in March 1998. The dividend deduction resulted in reduced Hawaii bank franchise taxes, and the state Department of Taxation challenged American Savings' position.

The bank said that it continues to believe its tax position is proper and it plans to appeal the decision.

Centex donates to Hawaii Habitat

Centex Destination Properties has donated $25,000 to Hawaii Habitat for Humanity, the nonprofit builder of affordable homes for low-income families.

The donation was timed to help kick off Homeownership Month in Hawaii, and will be used June 26 for the Hawaii Habitat for Humanity Build-A-Thon. On that day, eight teams of volunteers will build homes for low-income families at four project sites: two in Waimanalo and one each in Nanakuli and Papakolea.

Centex Destination Properties is the second-home and resort-home arm of Dallas-based Centex Homes. It has developed Kolea, a project in Waikoloa on the Big Island, and is building the Ko Olina Kai Golf Estates and Villas on Oahu.

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[Hawaii Inc.]

PROMOTIONS

>> CB Richard Ellis Hawaii has made Christine S. Sakaguchi a partner in the firm. She retains the title of director of finance. Brenda Morey has been named to 2100 Kalakaua and King Kalakaua Plaza general manager. Kimo Watson has been appointed ambassador of aloha for both properties. Morey oversees the properties' leasing, property and financial management and marketing. Watson will enhance customers' experiences and help visitors enjoy Hawaii's cultural activities and attractions.

>>McDonald's has promoted Melanie Okazaki to Hawaii regional marketing manager. She will be responsible for coordinating all aspects of advertising, marketing and public relations for the region. She previously served as assistant marketing manager.

>> MW Group Ltd. has promoted Luke Estes to leasing manager and Jeff Gerard to independent broker for Maui Properties. Estes will be responsible for overseeing tenant relations and leasing opportunities at the Azeka Shopping Center and Kihei Plaza. Gerard previously served as leasing manager for the company.

>> PacificBasin Communications has appointed Camilla Skold to Ala Moana Magazine art director. She worked as a production department freelancer for the company since May 2003 until the company relaunched the magazine, at which time she joined the company full-time.