Pearl House Closes Its Doors: A Staggering Failure After Just 3 Years

Final review of accounts this Thursday at the Polynesian Assembly before definitive liquidation.

The axe has fallen. The Pearl House, once the symbol of Polynesia’s pearl farming ambitions, is set to disappear for good on December 1. This Thursday, lawmakers will examine its final financial report—a damning document that marks the end of a short-lived venture plagued by financial waste.

“It was a structure doomed to fail from the start,” denounces a senior official speaking anonymously. “An empty shell propped up by 90% public funding.”

A Predictable Financial Shipwreck

The 2012 figures reveal a dire situation:

• 39 million Fcfp deficit
• 128 million Fcfp in public subsidies (92% of the budget)
• Only 6.4 million Fcfp in independent revenue
  “The business model was unsustainable,” analyzes Marc Teihotaata, an accounting expert. “They created a bureaucratic monster with no strategic vision.”

Flagship Projects Turned Into Fiascos

Among the most spectacular failures:

• The mythical American sorting machine, never delivered despite heavy investment
• The stillborn Tahiti Pearl Consortium, lacking private commitments
• 82.7 million Fcfp wasted on promotional campaigns with no visible results
  “Some expenses were pure madness,” fumes a former employee.

Mass Layoffs and Accelerated Liquidation

The dissolution process, initiated in August, involves:

• 7 employees laid off between late October and November
• Prestige premises to be reassigned
• A rushed transfer of responsibilities to the Marine Resources Directorate
  “We’re being tossed aside like trash after giving our all,” says a tearful employee.

The End of a Governmental Utopia

This closure marks:

• The government’s new austerity measures
• The abandonment of unprofitable para-public structures
• A recentralization of pearl farming oversight
  “The era of waste is over,” declares the Minister of the Economy. The question remains: Who will now carry Polynesia’s pearl industry torch on the international stage?

Key Failure Figures

→ Only 3 years in operation
→ 200 million Fcfp/year budget wasted
→ 0 successful projects
→ 100% of employees laid off