The principal of Papua New Guinea's failed U-Vistract pyramid scheme, Noah Musingku, says he will set up the U-Vistract in the Solomon Islands capital, Honiara.
Mr Musingku, who is wanted by PNG authorities over his company's debts to PNG investors, is in Honiara where he says he is clearing a 350 million US dollar grant for the goverment of Sir Allan Kemakeza.
He has told the Post Courier newspaper that he is in daily contact with the government ahead of the promised February the 10th deadline to release the funds.
Mr Musingku says his Royal Assembly of Nations and Kingdoms, or RAONK, has the money is in Solomon Islands and being cleared through his banks.
But the governor of the Cental Bank, Rick Hou, says the group has no pending application, let alone a licence.
"RAONK has not approached the Central Bank for any interest in establishing a bank or financial institution in Solomon Islands yet."
The opposition has called for an inquiry into the government's involvement with RAONK.