The Fiji National Provident Fund (FNPF) has rubbished media reports that it has taken over the Natadola resort project from the Fiji Development Bank (FDB) by saying this project is fully funded by them and the work is progressing well.

Aisake Taito, the newly appointed CEO of FNPF said that the FNPF is making sure that the works at the resort and golf course are well on their way to completion.

He said the construction of the Intercontinental Hotel & Resort was 60 per cent complete and the first phase was expected to be completed in January 2009.

The construction of the 18-hole championship Natadola Golf Course was 75 per cent complete and the whole course was expected to reach practical completion by September 2008.

“The design of the golf club house is nearing completion and is expected to enter the tender process by third quarter 2008.”

In a statement today, the organisation denied a Fiji TV news report on Sunday that claimed the FNPF has taken over the Natadola project from the Fiji Development Bank.

“FNPF is the sole financier of the Natadola project by means of loan and equity investment,” said Taito.

“The loan for this project was made to Natadola Bay Resort Limited (NBRL) through the investment entity Fiji National Provident Fund Investments Limited (FIL).”

Taito said some media organisations were confused between the Natadola project and the Momi Bay project.

“The recent action taken by FNPF at Momi relates to the loan syndicate that involves FNPF and FDB. It had nothing to do with Natadola.”

Taito said that FNPF had severed its relationship with APRIL for the development of the Intercontinental Hotel and the Natadola golf course in 2007.

Fijilive