The Fiji National Provident Fund is confident that it will get a fair return for Momi Bay which is why it has decided to call for an auction.
Chief Executive Officer, Aisake Taito said they are reviewing all of its investment policies including the divestment of all of FNPF's nonperforming assets.
He said the Auction is one of the immediate actions FNPF management is undertaking to recover members invested funds.
Taito said the auction of Momi Bay has attracted attention worldwide, which has resulted in the deferment, as the Fund prepares the site for auction. The auction will now be held on August 25th.
Meanwhile, Taito also said they have not decided as yet on an auction for the Grand Pacific Hotel, however they are currently in discussions with potential developers which will determine the future of this project.
The FNPF had last week revealed that it has embarked on major reforms which include the appointment of new Board of Directors, and divesting its interests in non-performing assets and investments and re-shaping its loan book.
FNPF confident of fair return
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