Posted By Staff Reporter
Radio New Zeland reports that landowners from Papua New Guinea’s Southern Highlands are reportedly among investors in what seems to be a doomed hotel project in Port Moresby.
The planned five-star hotel and casino has been under construction since 2007 after the site was controversially leased to a South Korean developer by the government.
The government also amended gambling laws to allow for the casino and gave the company major tax concessions.
However work has stopped at the site in the city centre, with the company apparently running out of money.
It is understood that the company’s PNG representatives are in hiding, with the landowner investors searching for them.
“They are basically looking for them, yes. And they are also looking for answers as to what is going to happen to their investment now that work has completely come to a halt.”Todagia Kelola.
Port Moresby authorities say if there is no progress in the next three weeks the half-finished building will be demolished.
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