On September 10, 1995, about 1350 eastern daylight time, a Siai-Marchetti SF.260TP, N915WJ, registered to World Jet, Inc., crashed shortly after takeoff from Lakeland Linder Regional Airport, Lakeland, Florida, while on a 14 CFR Part 91 positioning flight. Visual meteorological conditions prevailed at the time and no flight plan was filed. The aircraft received substantial damage and the commercial-rated pilot and one passenger were not injured. The flight was originating at the time of the accident. The pilot stated that during takeoff while climbing through about 200 feet with the landing gear retracted, the engine torque rolled back to zero. The propeller seemed to go to a flat pitch position and the airspeed decreased rapidly. He lowered the landing gear and elected to land in the grass to the side of the runway because the landing gear was still in transit. The aircraft touched down on rising terrain and the right main landing gear collapsed. The propeller and the nose landing gear then hit the ground. The propeller and engine nose case separated and the aircraft came to rest. Postcrash examination by an FAA inspector of the engine showed the external appearance of the engine was normal and there were no visual indications of internal damage. The engine fuel control, engine fuel pump, engine bleed valve, and propeller governor were removed for testing. See attached statement. Postcrash testing of the engine fuel control and engine fuel pump showed that each unit contained water contamination. Additionally, each unit operated within manufacturers' specifications when placed on a test stand. The engine bleed valve operated normally on a test stand. The propeller governor had sustained impact damage to the control linkage attach arm. The governor rotated normally and showed no evidence of precrash failure or malfunction. Examination of FAA aircraft records retained at Oklahoma City, Oklahoma, showed that no airworthiness certificate had been issued for the aircraft. Federal Aviation Regulation 91.203 states that no person may operate a civil aircraft unless it has within it an appropriate and current airworthiness certificate. The aircraft was released to the registered owner on November 2, 1995. The engine components that were removed for testing by NTSB were returned to the pilot on December 11, 1995.