FNPF to get full ownership of Momi Bay

The Fiji National Provident Fund (FNPF) is now moving towards getting full ownership of the multimillion dollar Momi Bay Resort project.

In a statement, FNPF CEO Aisake Taito confirmed that the decision comes after the conclusion of negotiations with prospective bidders from the auction held in August.

Taito said the auction was a necessary legal step for the fund to exercise its rights as mortgagee and it will now move to complete the foreclosure process necessary, to become the full and legal owner of the property.

He said the project has substantial value and with its members interests in mind, FNPF was never going to sell at a bargain price.

Taito said they would like to consider the options to realize the full value of the property.

The FNPF CEO added that they had numerous offers from groups which could not finance the full price but were interested in injecting capital and taking part share.

Taito said although FNPF's preference was to sell out completely, they have decided to explore other options.

FNPF had invested around $80 million of members funds into the project, however during the auction, the bidding stopped at $44 million and the FNPF was not satisfied with the amount.

Momi Bay, which is partly owned by Matapo Limited was to be the first over water Fijian Bure Accommodation Resort, designed in the style of traditional canoe houses with 18 hole golf course and a series of designed islands, beaches and swimming lagoons.

Taito stressed, as trustee's, the Fund will continue to practice due diligence and prudent investment decisions to safeguard its members interests.