Seven West Media Chairman, Kerry Stokes' Luxury Yacht Boarded by 'Armed Pirates' near Krangket Island
Mr Stokes' private yacht was boarded by thieves on Friday morning as it anchored near Krangket Island, close to Madang on the country's east coast.
A spokeswoman for the Seven Network said the boat was robbed at the end of last week, but Mr Stokes and his family did not arrive in the area until Sunday.
The thieves took a row boat out to reach the yacht.
"The yacht was robbed and the thieves were confronted by the crew," the spokeswoman said.
"The family have been travelling up there for years and the people up there are wonderful.
"This is out of character."
Former Madang governor Peter Barter said the boat refuelled at a local marina on Friday before travelling out to Krangket.
"They did not want to make an issue over this incident but we insisted that a report was made to police," Mr Barter said.
"Regretfully this incident is already known around Cairns and will deter motor yachts (and) tourists from visiting Madang and PNG."
Mr Barter said Mr Stokes' yacht went in to lockdown after the incident.
PNG police in Port Moresby say they are aware of the incident and are expected to comment later on Tuesday.
Comment is also expected from the nation's department of Tourism. [SMH]