Pacific Harbour

"My SPP shares lost their value: first 30 percent, then another 30 percent, then another 30 percent. We went from HK$5.40 down to 60 cents. Secondly, the mortgagors for our various hotels, if they had a chance, called back their debts. It was just like the property boom and bust in Canada later, in the eighties. Everybody was panicking. My main supports were all based in England. My cash flow became very precarious because land sales at Pacific Harbour simply came to a halt, but once you start building a hotel and it’s three-quarters of the way finished you can’t stop. We had big hotel projects at Narita, the new airport in Japan, and in Auckland at the harbour; and a major shopping centre in the middle of our Fiji development. We couldn't stop any of it."

"Munk decided that with the move to London he would separate his and Gilmour's activities on behalf of Pacific Harbour from the direct supply of services to the development company. As he told his shareholders, “a management company was formed under my chairmanship to provide management services to our group of companies.” The key word was group. Corporations in the Munk supervisory group were Canadian, Bahamian, British and Fijian. Undoubtedly, there would be others to be formed as the needs of Munk and Gilmour's entrepreneurial activities might dictate."