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The Fiji National Provident Fund will be auctioning its F$80 million Momi Bay Resort project to recover its investment.
In a statement, FNPF said it has had to take possession of the Momi Bay property, which it was entitled to under the loan securities as mortgagee in possession, following the decision by the Board to proceed with foreclosure to acquire and protect its assets.
“The Board has engaged a Security firm to provide basic security on-site while it undertakes basic clean up in preparation for the auction under the foreclosure,” the statement said.
“It has also appointed a marketing agent to conduct the marketing campaign.
"At this stage, the Board is considering its options and is hopeful for a sale at the auction. The FNPF has no intention of being involved in developing the property in the immediate term.”
The Momi Bay project was rendered as one of the biggest tourism projects for the country and was to provide the boost needed by the local economy in terms of employment and foreign reserves.
It was to be the first to have over-water bungalows, the first Marriott Resort, the first Ritz Carlton and the first public-private partnership in Fiji.
Developers Matapo were however 12 months behind schedule.
Also, more significantly, its financier New Zealand-based Bridgecorp Limited, which had reportedly poured NZ$106m into the project, ran into trouble, overseas media reports.
No date has been set for the auction as yet.
