SIPA IS DEBT-FREE: CEO COLIN YOW

SIPA CEO Colin Yow. Photo credit: SIBC.

SIPA CEO Colin Yow. Photo credit: SIBC.

The Solomon Islands Ports Authority – SIPA is debt free.

This was announced by SIPA’s Chief Executive Officer – Collin Yow yesterday during SIPA’s brief presentation on its progress, achievement, financial position and future plan.

He says, as of yesterday SIPA is debt free.

“We owe ADB prior to our time $2.4 million, so as of the 1st of October the new finance is that we are debt-free, we owe no one money. Nothing is hanging on us anymore, it’s clean. Every cent we spend we are not taking from the Government, we are giving back to the Government.”

Meanwhile, Chairman of the Solomon Islands Ports Authority Board, MrNollen Leni has defended SIPA’s Chief Executive Officer Mr Colin following media criticisms against him.

Answering questions raised by journalists regarding criticisms against the CEO, Mr Leni says most criticisms against the CEO have political links attached.

“A lot of criticism has arisen because there are some interests and it goes onto politics as well, especially those who think up something because we’ve terminated the old CEO. There are underground dealings going on regarding that and it involves the Union to come in because they thought that the post should be filled by a local Solomon Islander. That’s true, but according to the Board’s decision we have had local people in the post for all these years, but there’s no improvement to the port.”

Mr. Leni adds, as chairman of the SIPA board,  he is elated with the board decision to employ the current CEO.

“I am very happy and like he said we have been having many advisors since independence from the Government and SOEs since but is there any improvement to the economy of the country, not at all. This person has just got into office for eight months, but he’s already making a turn around so I never regretted, but, in fact, I am overjoyed.”

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