NEW HANOVER ISLAND IN NEW IRELAND PROVINCE NOW FOREIGN OWNED
POST COURIER Island of New Hanover sold for K4 million THE entire Island of New Hanover in New Ireland Province has been sold to foreigners for US$1.6million (K4m) in what has been described as the biggest scandal in the country’s short history. Documents obtained by Post-Courier clearly give details of the sale, entered between Tutuman Development Ltd (seller) and a Singaporean Company identified as Palma Hacienda Ltd (buyer) in June 2009. The documents are the Sale and Purchase Agreement and a Supplementary Agreement entered between the two parties. The deal to sell the island by Tutuman Development Limited whose directors include a former premier of the province and the foreign company was done without the consent of any authority from the landowners Documents show the purchase price was paid into a director‘s personal bank account with the Citibank Singapore Ltd. Ishmael Passingan, who is the company secretary for Central New Hanover Ltd, a landowner company, confirmed to this pape