Anton Bakov, a former MP who now leads the Monarchist Party, had offered the Kiribati government an investment of $350m (£280m) to build a tourist resort, Radio New Zealand reports . However, the government in Tarawa rejected his demand that the deal include sovereign rights over three of the nation's uninhabited islands - Malden, Starbuck and Millennium Islands - in Kiribati's eastern island chain in order to re-establish the Romanov dynasty which was overthrown in the 1917 Bolshevik Revolution, Papua New Guinea Today says.