Kiribati rejected an investment proposal by a Russian businessman and politician

The Kiribati Government has rejected and turned down an investment proposal by a Russian businessman and politician, Anton Bakov, to use three uninhabited islands in Kiribati East - Malden, Starbuck and Millennium Islands - for tourism development.
 
Cabinet confirmed its decision on the investment proposal by Bakov on Friday last week.

Cabinet also considered recommendations from the Foreign Investment Commission on Bakov’s proposal following due diligence carried out by the Commission on Bakov and on his proposal.

The Commission findings were not positive on Bakov.

The Kiribati Government also rejected Bakov’s demand for sovereign rights over the three islands to reestablish the Romanov Empire as a prerequisite to his investment.

SOURCE: KIRIBATI GOVT