Russian businessman Anton Bakov had a vision to revive the Russian monarchy in the Pacific island nation of Kiribati. Now his hopes have been dashed, as Kiribati's government has rejected his unusual proposal.
Kiribati had been considering a proposal from Mr Bakov to create an “alternative Russia” on three of the country's uninhabited atolls, restoring the Romanov rule overthrown in 1917 by the Bolshevik Revolution. The businessman had promised to invest $350 million in the project, building a number of resorts that could invigorate Kiribati's tourist industry.
The government rebuffed his demand that the deal include sovereign rights over three of Kiribati's uninhabited islands — Malden, Starbuck and Millennium Islands.
This is a bit sad.