27 May 2003

Huge resort in Vanuatu closing down after sale falls over

4:17 pm on 27 May 2003

One of Vanuatu's best known business people Dinh Van Than is closing down his huge 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 local 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.