Tongan king sells business assets ahead of reform

WELLINGTON, New Zealand - Tonga's King George Tupou V has fulfilled a promise to sell off his business interests, just days before he is formally enthroned. The king completed the sell off with the disposal of the national electricity utility Shoreline Power Ltd. to the government, officials said Friday. It comes days before the South Pacific islands country stages a lavish four-day celebration to mark the monarch's coronation on Aug. 1. As heir to the throne King George, a wealthy playboy businessman, had major holdings in the energy utility, plus a telecommunications company, an airline, fishing interests and a brewery, among others. On his accession to the throne in September 2006 after the death of his father, King Tupou IV, King George announced he would divest all his business interests. "This transaction completes this... [read full story]