Department of the Prime Ministers Office and Cabinet
By George Herming

The Minister of Finance Gordon Darcy Lilo wants a transparent takeover of the National Bank of Solomon Islands (NBSI) saying the government fully supports the proposition for the PNG-based Bank of the South Pacific (BSP) to acquire NBSI.
Mr Lilo made the announcement today in response to complaints that he had delayed the signing of statutory documents that were required to allow the sale of NBSI to BSP.
The Managing Director of NBSI Peter Goodwin used a local newspaper today to accuse Mr Lilo for delaying the signing of documents which were due on March 16.
But Mr Lilo was unmoved by those accusations saying that he wants to see the current trustees retire shares they manage to a corporate trustee that will distribute benefits directly to indigenous Solomon Islanders.
He was referring to shares given by the Bank of Hawaii to the health, education and employees of NBSI before it withdrew from Solomon Islands.
Mr Lilo says the shares are currently managed by individual lawyers operating the law firm, Sol Law in Honiara.
He said that is the only issue that needs to be transparently sorted out so that the selling of NBSI could proceed.
“I’d like to say to the people of Solomon Islands that I as Minister of Finance fully support the proposition for BSP to acquire the assets and business of NBSI.
“But I want those trusts to be returned to the people of Solomon Islands,” he said.
He said the Bank of Hawaii has given its will for those trusts to be invested for the welfare, health and education of the people of Solomon Islands.
“And now is the time that those trustees will have to be retained to the people of this country.
“That is the whole condition that I’m imposing on this particular issue.
“If those trusts are for the benefit of this country, then they must be retained to the people of this country,” Lilo said.
He said it had been five years already and the trustees haven’t done material things with the shares that should improve the health and education sectors in the country.
“It’s been five years now and there’s nothing being done in terms of the improvement in health, there’s nothing been done terms of the contribution from this trust towards the improvement of the education.
“I did not say that I did not approve the sale of NBSI. It can go ahead on the condition that the trust held by these trustees must be returned to an indigenous corporate trustee in this country.
“That’s my position.
“That is the condition,” he explained.
The Minister has already given a Memorandum of Agreement to the trustees so that the matter can be eventually settled with full commitment between him and the trustees.
“I will sign the salel provided that they will agree to the Memorandum of Agreement that I have given to them.
“I’ve required them to enter into an MOU with me to commit themselves to work towards helping the government,” he said.
Mr Lilo said he has already notified BSP officials about the issue and assured them of the government’s commitment to see BSP takeover NBSI