International sales campaign of all issued shares linked to Levers Solomon Ltd
AN international campaign to sell shares owned by one-time principal in Russell Islands Plantation Estates Ltd (RIPEL) and Levers Solomon Ltd (LSL) group of companies, Van Vlymen, has begun.
Worrells Solvency and Forensic Accountants launched the share-sales campaign in Sydney last Friday, announcing the issued Van Vlymen shares held in Orbis Commodities Pty Limited are up for sale.
The campaign is being promoted in newspaper advertisements in Australia, China, New Zealand, and Solomon Islands.
In Solomon Islands, the advertisement appeared in the Solomon Star newspaper last Friday.
It formally ends Mr. Vlymen’s involvement in all or any of the companies he was once a director.
The Receiver and Manager have not declared the amount he is trying to recover from this sale.
However, someone, who has seen a copy of a Judgement and Orders from the Supreme Court of New South Wales, informed the Solomon Star that the amount awarded is about AUD8 million.
The expression of interest in the sales of shares campaign closes on 30th April 2021, according to Christopher Darin, Partner at Worrells, who was appointed as Receiver and Manager of shares in Orbis Commodities Pty. Limited held by Mr & Mrs. W Van Vlymen, as well as Receiver and Manager to the Australian entities Orbis Commodities Pty Limited (Receiver and Manager Appointed) and its subsidiary Pacific Investment Holding Pty Limited (Receiver and Manager Appointed) (“PIH”) and to a Cook Islands subsidiary of PIH, Pacific Investments Pty Ltd (Receiver and Manager Appointed) (“PIL”).
Security over those above companies, as well as over the shares held by Mr. & Mrs. Van Vlymen, was granted to Mr. Patrick Wong in November 2016 and the appointments of Mr. Darin have been made pursuant to those securities, a statement issued by Worrells said.
“In turn, PIL has a 50% interest in Solomon Islands entity, International Comtrade & Shipping (SI) Ltd (“ICSL”). The other 50% interest in ICSL is ultimately held by Mr. Wong.
“ISCL holds 75.1% of the shares in the Solomon Islands-based company, Lever Solomons Limited (“LSL”). LSL is the owner of significant land holdings in Guadalcanal, Russell Islands, and Honiara in the Solomon Islands.
Lever Solomons Limited owns all of the land in Lungga, Tenaru, and Bloody Ridge, east of Honiara, as well as in the Russell Islands. One of the blocks is Hell’s Point in Tenaru. Another asset of LSL is the $50 million debt owed by the Solomon Islands Government (SIG).
A source said the High Court of Solomon Islands recently issued enforcement orders against SIG for the outstanding payment of $50 million.
“We are currently conducting an international sales campaign of all issued shares of Orbis Commodities Pty Limited. Our campaign has been advertised in Australia, China, New Zealand, and Solomon Islands. We ask that interested parties register their interest by 30 April 2021,” Mr. Darin said
All inquiries and expressions of interest may be directed to Cheryl Huynh at [email protected] or +612 9249 1200.
The statement said Worrells has 32 offices throughout Australia and 26 partners, across Queensland, New South Wales, Australian Capital Territory, Victoria, and Western Australia. Worrells has been providing solvency management, insolvency administration, and forensic investigation services for over 47 years.
By Alfred Sasako