The auction of the multi-million dollar Momi Bay Resort project is expected to be deferred as several investors have shown interest to purchase the resort project.
FNPF officials confirm that several investors have enquired about the project and are interested in a site visit before the auction takes place and thus the FNPF board will meet later this month to set a new date for the auction.
FNPF also confirmed that so far no legal action has been initiated by other parties who were involved in the Momi project and the fund will definitely go ahead with the sale.
FNPF took over the Momi Bay Resort project which it said it is entitled to under the loan securities as mortgagee in possession following a decision by the FNPF board to recover $80million of member’s funds invested in the project.
The hotel development project will now be sold to the highest bidder.
Momi Bay Resort auction to be deferred
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