FAR EAST Resources Company Ltd – the Hong Kong-based company recently accused of illegal mining in Isabel – has taken one step further in its bid to obtain Surface Access Rights Agreement (SARA) for the rich nickel tenement on San Jorge Island, Isabel Province.
This time, it involves the transfer of Company shares to new entities. It shows for example, San Jorge Island Resource Owners Association Trust Board (Incorporated), one of the landowning groups, said to represent landowners, having agreed to transfer its 30 per cent share in Far East to Tianjin Far East International Shipping Agency Co. Ltd, Company Haus Foreign Investment documents show.
The move is seen by some as part of the company’s strategy to apply pressure on landowners who have not made up their mind yet about supporting the Chinese company.
“Whatever they do will not succeed because each move is expensive and confusing. They are spending thousands of dollars in village meetings to convince landowners to support them. The share transfer is an example and is part of the strategy to raise money to keep the operations going.
“But how long will they keep up, given that they are not exporting any nickel at the present time,” one Isabel landowner asked.
New directors have also been appointed, the documents show.
Jiangtao CUI and Jiang ZHU have been appointed as directors and have signed the transfer document on behalf of Tianjin Far East International Shipping Agency Co. Ltd.
It is not clear why San Jorge Island Resource Owners Association Trust Board (Incorporated) has given up its 30 per cent shares In Far East to Tianjin Far East International Shipping Agency Co. Ltd.
Details of the transaction were contained in a document called Far East Resources Company Ltd Share Transfer Agreement, dated 30th October 2023. It carries the official stamp of the Solomon Islands Collector of Stamp Duties affixed to the document on 01 November of the same year.
In a separate document in the form of a letter seeking support from the Registrar of Companies, it was revealed that “Far East Resources Company Ltd is an independent accounting company …,”.
The letter also informed Company Haus that Tianjin Far East International Shipping Agency Co Ltd had appointed Mr. Zhu Jiang as the second director of Far East Resources Company Ltd, the document dated 28 March 2023, shows.
The document shows the transferee as Tianjin Far East International Shipping Agency Co Ltd.
Wilson Tohidi and Bonzio Bako signed the share transfer document in their official capacity as Chairman and Secretary of the Association, respectively.
The transfer document simply reads:
“According to the resolution of the shareholder’s meeting of Far East Company Resources Ltd (Far East) and following the principle of equality and voluntariness, the transferor (agreed to transfer 30 per cent of its share in Far East to the transferee at a price of USD1.00.
“This agreement will come into effect upon signature,” it said.
In the initial set up, Tianjin Far East International Shipping Agency Co Ltd held 70 per cent while the San Jorge Island Resource Owners Association Trust Board (Incorporated) held 30 per cent.
According to Mr. Tohidi, the Mines and Minerals Board granted Far East Resources Company Ltd a prospecting licence (PL) in July 2022.
“This is the same tenement where Axiom Mining previously conducted prospecting … Mr. Tohidi said.
Far East Resources was granted a Prospecting License (PL) by the Mines and Mineral Board in July last year. The Board subsequently issued the company a Letter of Intent (LOI), Mr. Tohidi said in a recent news article.
“This authorises the company and landowners to engage in negotiations, he said.
Members of the other landowning group said what is happening on the ground will not benefit anyone.
By Alfred Sasako
