Photo: Kostas Constantinou
Papua New Guinea (PNG) is mourning the loss of Sir Kostas Constantinou, a renowned entrepreneur and philanthropist, who passed away on June 17 in Brisbane, Australia at the age of 66. The country is deeply saddened by the untimely demise of this extraordinary citizen, who revolutionised the business sector in PNG. Sir Kostas was widely regarded as a national business leader who made a significant impact on the country's economy.
The family of Sir Kostas Constantinou issued a statement on social media on June 18, 2023, informing the public of his passing in Brisbane, Australia, following heart complications on June 17. Condolences have poured in from the business and political communities on social media, with many paying tribute to the renowned businessman for his exceptional leadership of some of the country's top organisations.
Sir Kostas Constantinou was a prominent figure in the business world, holding numerous high-level private and public sector positions. As a visionary business leader, he employed thousands of Papua New Guineans and expanded local businesses across Asia and the Pacific.
Throughout his career, Sir Kostas demonstrated unwavering commitment to excellence, innovation, and growth. He successfully led several companies, including BSP and Air Niugini, leaving a lasting legacy in the business world. His entrepreneurial spirit and ability to adapt to changing market conditions were truly remarkable.
Furthermore, Sir Kostas was deeply committed to giving back to the community and played a vital role in promoting corporate social responsibility and philanthropy. According to the Constantinou family, he ensured that the businesses he managed and the boards he served on invested money back into communities throughout the country, particularly in healthcare and education.
Previously serving as the group chairman of the BSP (Bank South Pacific) Financial Group for over a decade until his retirement in February of this year, Sir Kostas Constantinou achieved significant milestones during his tenure. One of his key accomplishments was expanding the PNG bank's presence to several Pacific Island nations, including the Solomon Islands, Fiji, and Samoa, as well as entering the asset finance markets in Cambodia and Laos.
The Constantinou Group of Companies, as stated in their issued statement, revealed that the late businessman built an empire across the Pacific, carrying on the legacy of his late father, Sir George Constantinou. The statement highlighted Sir Kostas's appointment as chairman of various organisations, including BSP and Air Niugini. Additionally, he served as the Honorary Consul for Greece and Cyprus.
"Sir Kostas Constantinou was a resilient and proud Papua New Guinean at heart, creating employment opportunities and inspiring numerous individuals in the pursuit of progress for the future. His impact will be greatly missed, but his memory and vision will be cherished, especially through his philanthropy. He was an incredible human being, and his legacy will be irreplaceable", as stated in the family's statement.
The Constantinou Group encompasses several establishments, including Airways Hotel & Apartments, Lamana Hotel, Loloata Private Island Resort, Gazelle International Hotel, Taumeasina Island Resort-Samoa, Heritage Park Hotel, Texas Chicken, Sir Theo Foundation, Lamana Development Ltd, Hebou Constructions (PNG) Limited, Monier Limited, Monier Water Solutions, Central Sands Supplies, and Rouna Quarries.
Sir Kostas Constantinou had a profound impact on various industries in PNG, including business, aviation, and the banking and finance sector. He will be remembered for his exceptional leadership, visionary thinking, and significant contributions to the business community in PNG.
