PM Jeremiah Manele and DPM Bradley Tovosia after the press conference yesterday
PRIME Minister Jeremiah Manele emphasized the government’s commitment to reclaiming Levers Solomon Limited (LSL) and Russell Islands Plantation Limited (RIPEL) during his inaugural meet the press session yesterday.
PM Manele outlined the government’s plan to buy back the LSL and RIPEL estates through a liquidation process managed by an Australian court-appointed liquidator, Australia.
The government’s stand on LSL and RIPEL estates is clear to reclaim the ownership rather owned by foreigners.
“The Australian court authorized a Sydney law firm to handle the liquidation of LSL and RIPEL, which involves selling the estates and settling debts with creditors,” Manele stated.
PM Manele said the total funds needed for the settlement are approximately AUD 25 million (SBD 140 million). Once the settlement is complete, the government will regain control of the estates, free from creditor claims.
He highlighted the liquidators, began the process in February 2024, however, at that time, the government lacked the resources to secure the required funds, risking the loss of the estates to foreign interests. However, the new cabinet has now approved the issuance of a SB $140 million bond to raise the necessary funds for the buyback.
“Once the funds are transferred and the settlement is finalized, we will sort out all the paperwork, before restoring ownership of LSL and RIPEL to the government,” Manele explained.
The process includes identifying and reaffirming those who have already bought land with legal titles, recognizing individuals living on the estates without legal titles, and earmarking unused land for future development. The government’s goal is to ensure the land returns to Solomon Islands ownership and is managed effectively.
He said a cabinet subcommittee will be established to oversee the governance and management of the estates.
Attorney General John Muria Jnr clarified that the liquidation pertains to the companies in Australia, and the government aims to remove foreign ownership. He assured that the Lavukal Trust Board remains unaffected by this liquidation.
The government’s involvement in this significant investment is driven by a desire to ensure the land remains in the hands of Solomon Islanders and to establish a robust governance and management system for the future of the LSL and RIPEL estates.
Secretary to Cabinet Jimmy Rodgers also stated they have in consultation with the Solomon Islands Provident Fund [SINPF], the Solomon Islands Ports Authority [SIPA], and the Solomon Islands Electricity Authority [SIEA], to raise the amount required by the government to secure the return of full ownership of LSL and RIPEL estates.
