FNPF defends Natadola evaluation
FNPF defends Natadola evaluation
By
fijivillage.com
18/05/2010
As an internal forensic audit into the Natadola Bay resort project continues, the Fiji National Provident Fund maintains that the write down of $301 million now reflects the actual value of the resort.
After the write down, Natadola is stated to be worth around $81 million, however, a number of questions have been raised on how the Fund derived this figure as some believe that taking into account the world class golf course and other facilities, the Natadola bay resort should be valued at around $170 million, given the huge amount of FNPF members funds injected into the project.
However, the FNPF said the world class golf course and other amenities were considered during the write down by the two valuers Bayleys and Jones Lang LaSalle Hotels and it now reflects its true value at $81 million.
FNPF also maintains it is now taking steps to hold those accountable for the write down and has also identified specific actions to ensure that these funds are recovered over time.
The FNPF said this will not happen overnight.
The Fund has engaged Deloittes from Australia to conduct a forensic investigation into the Natadola Project.
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