Key stakeholders who have invested millions of dollars into the Momi Bay resort project will meet later this week to decide the future of the multimillion dollar project which has now been on hold for the last 13 months.

Executives of the Fiji National Provident Fund and Unit Trust of Fiji will meet to deliberate on how to proceed with the project and the millions of dollars owed by previous developers who were earlier involved in the project.

With millions of dollars at stake, it has been confirmed that two separate investigations are now underway to determine whether the proper due diligence was carried out before the green light was given to go ahead with the Momi Bay project.

One investigation is being carried out by the FNPF while the other is being done by the Capital Markets Development Authority on behalf of Unit Trust of Fiji.

The FNPF has an estimated $74 million in members funds invested in the project after it took over from the Fiji Development Bank loan while Unit Trust had initially given out $12 million to a  developer for construction of stage one.

However, after winding up notices were issued against two different developers of the Momi project, the project now remains idle with no work done on the site for over 13 months.

Stage one of the project is the development of the Marriot Hotel. Stage one is yet to be completed while stage two involves the development of land on the resort property to be sold to investors.

While Unit Trust of Fiji is yet to respond to questions from Fijivillage, FNPF CEO Aisake Taito when contacted on the matter said he can only confirm at this stage that the major stakeholders in the project will meet this week to decide the steps to be taken regarding the Momi Bay resort Project.

So far an estimated $160 million has been spent on the project with no confirmation yet on when and if the project will be completed.