The Fiji National Provident Fund has begun legal proceedings to complete the foreclosure for full ownership of the multimillion dollar Momi Bay resort project.

FNPF CEO Aisake Taito confirmed this to Fijivillage saying it is also considering investment options regarding the project, adding the Board assures the members that it will continue to practice prudent investments and due diligence as trustees of members funds.

Taito had earlier revealed that the decision to gain full ownership of the project came following the conclusion of negotiations with prospective bidders from the auction held in August.

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.

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.