Momi Bay write off now stands at 55 million dollars

The total amount of member's funds from the Fiji National Provident Fund which has been written off from the Momi Bay Resort project now stands at $55 million.

The FNPF's 2009 Annual Report summary highlights that an additional $18.21 million was written off from the project as part of a loan from the FNPF and this was revealed when the Fund announced the total write down of $327 million earlier this month.

It has now been confirmed that FNPF had written off an initial $37 million from the project in the 2008 financial year which takes the total amount written off for the Momi project to $55 million.

The FNPF 2009 report summary also revealed that during the year, 11,594 new members were registered with the FNPF, bringing the total membership to 357,662 which reflects an increase of 1.5% compared to 2008.

During the same period, the Fund's active employers totaled 6,944 and more than 200 employer's accounts were closed.

The total contribution collected was $288.49 million, averaging $24.047 million per month which reflected an increase of 2.36 percent from 2008.

The total balance for all member's accounts was $2.69 billion an increase from the $2.61 billion for the previous year.

However, as revealed by Fijivillage earlier, the FNPF recorded a net loss of $181.15 million in 2009 due to the write down of the Natadola Bay Resort and Momi Bay Resort projects earlier this year.