Nautilus City No More

On June 6, malady 2012, Attorney Carlos H. Salii, representing the land owners and trustees of properties located on Angaur State, Republic of Palau, executed a Notice of Default and Termination of Land Lease Agreements with U.K. Investments Holdings, Ltd. and Lord Morris Davidson.

The Notice of Default and Termination was recorded at the Palau Supreme Court on Book #20, Page # 22, No. # 12-0663, dated 6/6/12.

Commemoration plaque of 2009 agreement

The reason for the termination of the land leases is due to U.K. Investments Holdings, Ltd., not performing on the contract requiring them to commence construction on the clans’ land within three years after the execution of the land lease agreements dated 2002 & 2006.
Its has been six (6) years since the land lease agreement was executed and the lessee has not preformed or sent any form of communication to the land owners, whatsoever. It is construed that the lessee has abandoned the land owners and the development project altogether.
Additionally, U.K. Investments Holdings, Ltd., has been embroiled in several high profile legal controversies and some pending court cases, not to mention their non-submission of application to the FIB board to do business in the Republic of Palau.
With the lessees’ outward display of lack of intention to undertake the development project on Angaur and has neglected its legal obligation with the landowners, the landowners executed the Notice of Default.
The Notice of Default was sent to U.K. Investment Holdings, Ltd.’s Malaysian lawyers named Nashir, Johal & Company, located in Kuala Lumpur on June 6, 2012.
UKIHL Website
The UK Investments Holdings Website continues to offer investment opportunities in Palau with pictures of the Palau President and plans for the developments stating the project is “back on track”.
Morris Davidson also continues to post a story of his appointment of Palau’s Honorary Consul to Malaysia by President Johnson Toribiong.   Palau’s executive branch claims this appointment to have been revoked.
UKIHL Notice of Default