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The new Natadola Bay Development Decree will now terminate all pending court proceedings against the project.
Attorney General Aiyaz Sayed-Khaiyum said any challenges in court against the forfeiture of shares, the transfer of property or any decision made by Finance Minister or any state official will also be excluded.
“This paves a way for the Natadola Bay Resort Limited (NBRL) and Fiji National Provident Fund (FNPF) to make advancements into the development into the Natadola bay without any legal or administrative hurdles,” he said.
Sayed-Khaiyum assured the forfeiture of the shares through the decree will not affect the day to day running of the company nor will it affect the rights and obligations to those trading with the company.
He stated the decree would allow FNPF to have legal ability to carry out developments in Natadola without any obstruction with shareholders and Asia Pacific Resorts Limited whose participation in the project has led to right-off of $301 million from the project.
The AG also highlighted the possibility of right-backs into the member’s funds with the development on the balance of land in Natadola.
“Government noted that with proper accounts now in place, FNPF will now be on a good footing to be able to secure and protect the funds of all its member’s,” he said.
“From government’s perspective you can be rest assured that we are working behind the scenes with FNPF to ensure there is stability in the market and that our entire member’s fund is protected in a stable market.”
