4 Jan 2011

Solomons Government fails to respond to RIPEL creditor notice

11:47 am on 4 January 2011

Solomon Island government has again failed to resuscitate the Russell Islands Plantation Estate compnay, know as RIPEL, which is now headed towards liquidation.

Acting on behalf of mortgagee creditors, lawyers served the Prime Minister's office, with a notice in November which expired on December 14th.

The Solomon Star newspaper reports the notice gave the government, as a shareholder, one last chance to fully engage in dialogue with the lawyers about RIPEL.

The government is understood to have failed to respond to the notice, meaning lawyers would continue on behalf of the mortagee creditors and appoint recievers.

The Royal Solomon Islands Police Force corruption squad told the paper investigations into the matter were continuing.