KOROR, Palau (7 Mar 2006) -- The Malaysian firm UK Investment & Holdings Ltd. has complied with all requirements in connection with the US$2.1 billion Nautilus City Project being proposed by the state government of Peleliu, but Peliliu State Governor Jackson Ngiraingas said the national government of Palau has taken a hard-line stance about it. "I don't understand why. The president said the project is too big. We should be given a chance. The people of Peleliu should decide on what kind of projects they should have," Ngiraingas said. Peleliu has also done its part on the land issues involved in the project, he said. "Those have been taken care of," he said. He said the Peleliu leadership met with the president on February 1 to air their concerns. The Nautilus City Project is envisioned to be a world-class tourist destination with hotels, casinos, a golf course, a reconstructed airport and other amenities. It is supposed to be a joint venture of the Peleliu state government and UK Investment and Holdings Ltd. Ngiraingas said the Malaysian firm has applied with the Foreign Investments Board for a license to operate six months ago. Ngiraingas said the 90-day period for approval has long passed. "The company (complied with) all the requirements. We are also currently working with our application for environmental requirements with the (Environmental Quality Protection Board) and other agencies," he said. Meanwhile, the establishment of diplomatic relations between Palau and Malaysia is also in the works. | UK Investments Holdings' of Malaysia aims to develop Peleliu into an international casino gambling and resort destination called Nautilus City. (Click image to open 620p x 400p graphic in new window.) Ngiraingas said Palau has requested this and Malaysia consented. The establishment of diplomatic relationship between the two countries is expected to expedite the implementation of the Nautilus City Project. Morris Davidson, the former economic adviser of the president, has been designated as Palau's honorary consul to Malaysia. Davidson sits on the board of directors of UK Investment and Holdings Ltd. SOURCE - Palau HorizonCDNN Related NewsPALAU - Pro-gambling lobby rolls dice on Angaur casino bill | 
