AXIOM APPEALS CANCELLATION OF FOREIGN INVESTMENT LICENSE

AXIOM APPEALS CANCELLATION OF FOREIGN INVESTMENT LICENSEAxiom Mining Limited has announced that it, with immediate effect, is appealing the cancellation of its foreign investment permit by the Foreign Investment Division in the Ministry of Commerce, Industries, Labour and Immigration.General Manager Dr Phil Tagini said the company’s legal team is filing an appeal for review under the Foreign Investment Act 2005 because the grounds that the Director/Registrar of the Foreign Investment Division used to cancel the foreign investment certificates are not available to her under Section 23 of the Foreign Investment Act which regulates her powers to cancel foreign investment certificates.“Axiom deems the cancellation of its foreign investment license by the Registrar (Acting) of Foreign Investment Lynette daWheya as unlawful and it appears to have been influenced by a corrupt network working to frustrate a genuine sustainable development for our country like the Axiom nickel project.“The Acting Foreign Investment Registrar cancelled Axiom’s foreign investment for failing to obtain a provincial business license from the Isabel Provincial Government and submitting an annual survey to the Registrar of Foreign Investment.“The truth about Axiom’s non-possession of a provincial business license from the Isabel Provincial Government is that we have done all we could over the last seven years to obtain one but our applications for this license has been repeatedly refused by the Isabel Provincial Government.“With regards to the accusation that Axiom has failed to submit an annual survey to the Registrar of Foreign Investment, the company has faithfully complied with this requirement over the last nine years and in light and finds the accusation of non-compliance by the Acting Registrar very strange.“Axiom objects to the cancellation on the basis that the Registrar of Foreign Investment does not even have the authority under the Foreign Investment Act to cancel a Foreign Investment License on the grounds she has cited.”“The legal position is untenable and Axiom believes that the unlawful decision for the cancellation of its foreign investment license is politically influenced and is appealing to the relevant authorities to exercise diligence to retain the confidence of any genuine investor.” Dr Tagini said.The Axiom General Manager said Axiom has been compliant with the laws of Solomon Islands since it commenced operation nine years ago and is committed to continue operating within the bounds of the country’s laws during its entire operation and contribute meaningfully to its social and economic development.“In fact I read last week in the newspaper that there are nine logging companies in Choiseul Province operating without a business license and I wonder if they had their foreign investment licence cancelled too?” Dr Tagini added.Dr Tagini said it is interesting to see the government treating a foreign investor as Axiom unfairly in contrast to other foreign investors in the country who have no respect for its laws and do whatever they can to advance their commercial interests yet the Foreign Investments Division is turning a blind eye on these.He said the Axiom nickel project on Isabel Province has the potential to contribute significantly to Solomon Islands ailing economy and improving the welfare of landowners and boosting the revenue collections of both the Isabel Provincial Government and the National Government.As such, the Axiom General Manager said the National Government should see to it that the nickel project is given an export permit to ship out its nickel ore to its customers, a simple act which will benefit many in the community.Ends///SOURCE: AXIOM MEDIA