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U-Vistract was a financial lending pyramid scheme into which approximately 60,000 Bougainvilleans invested. [8] [9] Within a few years, some 70,000 Papua New Guineans had deposited K350 million into U-Vistract alone. U-Vistract also attracted followers in Australia, Solomon Islands and Fiji.
In 2003, widespread public unrest over the failure of a pyramid investment scheme forced ANZ to hire a charter jet to fly its expatriate bank officials to Melbourne. [citation needed] Westpac, National Bank of Solomon Islands, and the Solomon Islands central bank closed their branches. [citation needed] Eventually. all four reopened.
The Solomon Telekom Company Limited (Our Telekom) was founded in 1988 [9] and is a joint venture company between Solomon Islands National Provident Fund, (SINPF) which hold 64.74% of the shares, and Cable & Wireless Plc of the United Kingdom which holds 32.58% of shares and the Investment Corporation of the Solomon Islands (ICSI) which owns 2.68% of the shares. [10]
Exploitation of Solomon Islands' rich fisheries offers the best prospect for further export and domestic economic expansion. A Japanese joint venture, Solomon Taiyo Ltd., which operated the only fish cannery in the country, closed in mid-2000 as a result of the ethnic disturbances. Though the plant has reopened under local management, the ...
SYDNEY (Reuters) -Australia will provide over $100 million to help the Solomon Islands, which also has security ties with China, expand its police force so it can reduce its reliance on external ...
Noah Musingku is a Bougainvillean conman. In the late 1990s, he created a highly successful Ponzi scheme called U-Vistract.Facing prosecution from Papua New Guinean authorities, Musingku fled to the Solomon Islands in 2002.
The Central Bank of Solomon Islands is the central bank of the Solomon Islands located in capital city of Honiara. The Bank was established in February 1983 under the Central Bank of Solomon Islands Act 1976, which converted the Solomon Island Monetary Authority (SIMA) into a central bank. The current governor is Dr. Luke Forau.
The Gold Ridge mine was the only operating mine in the Solomon Islands at this time, and contributed approximately 20% of the gross domestic product of the Solomon Islands economy. [citation needed] In April 2014, St Barbara shut down the Gold Ridge mine following flash floods. A few weeks later, St Barbara employees were banned by the Solomon ...