THE Solomon Islands Ports Authority (SIPA) has taken ownership of a side lift plant it bought in a lease back arrangement with businessman/politician, North Malaita MP and Minister for Infrastructure Development, Hon Jimmy Lusibaea.

Under an agreement signed by controversial former chief executive officer, Colin Yow, SIPA paid Lion Heart Company Ltd $2,209,810 “for purchase of side lift. The payment was authorised by Colin Yow, according to the Commission of Inquiry into the SIPA reforms.

Among a number of documents the Commission of Inquiry had examined was an invoice SIPA received from Lion Heart Company Ltd for sale of side lift to SIPA dated 18^th January 2016.”

There are other anomalies.

For instance, while the so-called hire agreement between SIPA and Lion Heart Plant Hire bore January 30, 2016 as the date of the accord, SIPA’s remittance advice and payment voucher for the $2,209,810 payable to Lion Heart Company Ltd was dated January 21, 2016 – nine days before the agreement, according to the Commission of Inquiry (COI) Report.

The report made two recommendations on the matter, including “SIPA terminate the contract and take possession of the side lifter”.

Yesterday SIPA’s Secretary for Corporate Services, Charles Ashley confirmed through Chairman Billy Titiulu that the side lifter has been returned to SIPA “because the agreement between the parties had lapsed”.

But Mr Ashley was at pain in explaining the transaction, which featured on Pages 11 and 12 of the Commission of Inquiry Report last year.

On August 2 last year, Lion Heart paid SIPA $60,000 under the purchase-hire arrangement, according to the COI report.

It was “part payment of profit earned from hire of side lift”, the report said.

It would seem SIPA bought the much-needed plant for its Ports activities in Honiara only to lease it back to Lion Heart Company Ltd on a profit-sharing basis.