28 May 2003

Resort in Vanuatu may close after failed sale

6:21 am on 28 May 2003

One of Vanuatu's best known business people, Dinh Van Than, is closing down his Blue Water Islands Resort near Port Vila after a sale fell through.

The resort was to have been sold to an American investor, David Ross, but Mr Than took it back after a bond of 40-thousand US dollars was not paid.

The bond is required under the Vanuatu Foreign Investment Act.

Mr Than has told the Trading Post newspaper that after the negative overseas publicity surrounding the failed sale, there is no way he can keep the resort going.

He says he has already given over 50 staff three months' notice, but says if a genuinely interested investor appears he will consider another offer for the 50-bungalow complex.