STATUS OF LEVERS SOLOMONS LIMITED (LSL) CLARIFIED

The Office of the Registrar of Foreign Investment clarifies that Levers Solomons Limited (LSL) is NOT a registered entity in the Foreign Investment Registry.

The clarification was made today following numerous enquiries to the Office of the Registrar of Foreign Investment on the status of the company.

In a statement today, the Office of the Registrar said there is no pending application for any foreign persons or entity to register LSL with the Registrar of Foreign Investment to carry out any business activity in Solomon Islands as required under Section 15 of Foreign Investment Act 2005, as amended in 2009.

“Therefore, as a non-registered foreign investor, the incorporation of LSL in Company Haus Registry and their carrying out of any business activity including selling of land, is deemed illegal by virtue of section 11, sections 12(2) &12(3) and section 15 of FI Act 2005,” the stamen said.

The Registrar of Foreign Investment is mandated under the Foreign Investment Act 2005 as amended in 2009; to register foreign natural persons with valid passport identification from their country of origin or valid foreign registered entity from the foreigners’ country of origin to carry out business activity or activities in Solomons Islands.

The statement further clarified that as part of the approval condition, foreign investors must incorporate their company, stating the foreign owners, business activity (ies) and trading or operating name exactly as contained in their approved foreign investment certificate.

Any amendments to existing foreign investment certificate’s ownership, valid and appropriate consent to the transfers, proof of transaction, tax clearances, and related mandatory operational licenses must be provided to the Registrar of Foreign Investment.

ENDS///

Editor’s Note: The Government last week stated that would settle the SBD32.4 million owed to Leavers Solomon Limited (LSL) as ordered by the High Court. This is in regards to the Hell’s Point site which is currently used by the RSIPF.