The Fiji National Provident Fund has today admitted that two reports from auditors Earnest and Youngshow that the decision to invest in the Natadola resort project by the fund was made without proper independent due diligence.

In a statement issued this afternoon, Natadola Bay Resort Limited Chairman Felix Anthony said the reports show that FNPF pursued the Natadola project by obtaining access to land offered by April Development.

According to Anthony, the report shows that the initial value of the land was $5.5 million, while APRIL priced it at $70 million, which was later negotiated down to $20 million.

He also claims that having 49 percent ownership of the project through its subsidiary company Hotel Property Pacific Limited, APRIL development has so far received approximately $58.07 million in payments through FNPF members funds. Anthony said the FNPF Board can not comprehend how one company has benefited so much in return for land worth $5.5 million.

Meanwhile, when contacted this afternoon, APRIL's Legal counsel Renee Lal said the statement is riddled with serious defamatory comments and she is preparing a comprehensive response to the claims.