The_Open_Door_deel1

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Airways, Ghana Airways, Nigeria Airways, and British United Airways)
but terminated these activities in 1972 because of economic
and political problems (one of them arising from the delay
in/or the non-payment for tickets issued to Government officials).
It still continues, however, to be the official agent for a major
U.S. shipping line, Delta Lines (the Mississippi Shipping
Company). In 1971 The Liberia Company leased a parcel of land in
Monrovia for a 20-year period, with an option for renewal for an
additional 10 years. At the same time the company purchased on
the land a building for use as a sales and business office, part
of which building is actually used by the Dutch Air Line, KLM.
As the company lacked the necessary expertise and knowledge of
marketing commercial, timbers, it entered into a management-contract
with the Ganta Timber Corporation in 1974, which agreement
was replaced by one with the National Industrial Forestry
Corporation in the following year.
The exact relationship between Pan American World Airways and the
actual owner(s) of The Liberia Company is not generally known. In
the 1960's The Liberia Company was in charge of the management of
the hotel at Robertsfield which was (then) wholly owned by the
American air transportation company, the latter in its turn being
responsible for the management of the international airfield. The
Liberia Company's General Manager in Monrovia, Cor Sinke, emphatically
denied, when asked in December 1978, that Pan American Airways
was the owner of the parent company, the Liberian Development
Corporation.
He called the location of L.D.C.'s offices in the U.S.A. (in the
Pan Am building in New York) a coincidence, and the combination by
^several persons of functions both in the L.D.C. and in Pan American
World Airways not extraordinary. He confirmed, however, that
Juan Trippe had been, and still is, a central figure "explainable
Ly the history of the company". According to Sinke, PanAm owns a
minority share in the Liberian Development Corporation, the parent
company of The Liberia Company. The total capital stock of
L.D.C. amounts to an estimated |7 million, the balance of which is
owned by foundations, educational institutions and individuals.
L.D.C.'s increasing involvement in the tourist business on the
two Atlantic islands of Bermuda and South Eleuthera are noteworthy
and somewhat intriguing as Pan American World Airways is engage_d
both in air transport services and hotel operations there.
As early as 1965 the L.D.C. had acquired a substantial share in
the Bermuda Properties Ltd. which shareholding increased to an
almost 50? equity interest in the late 1970's, despite the
continued losses reported by the company which is engaged in
hotels and real estate on the island of the same name. In 1977
L.D.C.'s investments in this company represented approximately
of its assets (some $ 3.5 million). In 1969 the L.D.C. acquired
equity participation in the South Eleuthera Properties Ltd. and
affiliated companies. This investment, a minority share, was
valued at approximately $ 1 million in 1977. With well over $ 4=
million invested in the tourist business in the Caribbean, the