Negotiations continue between the Auctioneers Bayleys Real Estate and the successful bidder of $41 million to try and seal the sale of the multimillion dollar Momi Bay Resort project.
After the bidding stopped at $41 million at yesterday's auction, Bayley's General Manager Philip Toogood confirmed late last night that discussions are expected to continue over the next few days and they can not speculate when the deal will be finalized.
The Fiji National Provident Fund FNPF) had invested $80 million into the project and it seems they will have to cut their losses and settle at a much lower price.
FNPF CEO Aisake Taito said they will have to find other avenues to recover the remainder of members' funds invested in the project.
It was earlier revealed that any new investor will have to pump an estimated $100 million to complete the Momi Bay resort project which has now being lying idle since mid 2006.
Momi Bay negotiations continue
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