The government and the Fiji National Provident Fund has assured the members of the fund that they will now try to recover the Natadola Bay Resort investment following the $301M write-off in relation to FNPF's Natadola investments yesterday.
The write-off now gives the true and actual value of Natadola Resort, which is $84M.
FNPF chief executive Aisake Taito said the board is confident that money will be recovered in the next phase FNPF is planning to undertake.
Taito revealed that FNPF is now planning to sub-divide the land at Natadola Bay and sell them to recover the investment.
This follows the confirmation from Attorney General Aiyaz Sayed-Khaiyum that the Natadola Decree is now in place which gives full legal ownership rights to FNPF.
Attorney General Aiyaz Sayed-Khaiyum confirmed that the auditors had recommended the FNPF board from 2005 to carry out various write-offs to reflect the true value of FNPF's assets.
A total of $327M has been written off taking into account previous accounts that did not reflect the true position of the member's funds.
FNPF confident of recovering Natadola investment
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