Pacific Island PM's Real Estate Portfolio Raises Questions About Unexplained Wealth

Together with our reporting partner In-Depth Solomons, OCCRP found that Solomon Islands Prime Minister Manasseh Sogavare has in recent years built eight homes in and around the capital city, Honiara, at an estimated cost of at least U.S. $1.7 million.

Financial experts say the recent property acquisitions are out of proportion with Sogavare and his wife’s known income. Even after he got a nearly 40% raise at the start of this month, Sogavare is modestly paid by the standard of world leaders, earning just $50,000 a year.

Experts also say the PM and his bank, French-owned BRED Bank, need to answer questions about how the couple were able to obtain about $900,000 worth of loans in 2018 that appear to have paid for part of the construction.

Sogavare and his wife’s income was even lower at the time. Experts say the couple would have been unable to afford the repayments unless the bank gave them a better deal — or if a third party somewhere was guaranteeing the loan.

You can read our full investigation at https://www.occrp.org/en/investigations/solomon-islands-pm-has-millions-in-property-raising-questions-around-wealth

Видео Pacific Island PM's Real Estate Portfolio Raises Questions About Unexplained Wealth канала Organized Crime and Corruption Reporting Project