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
Related Stories
We are committed to holding elections – Siromi Turaga
Questions were raised during Dialogue Fiji’s Constitution review discussion on whether the government can delay the general elections and complete the Constitution review however Acting Attorney General Siromi Turaga
Fijian economy on track to grow for fourth consecutive year in 2025 by 3.4%
The Fijian economy is on track to grow for the fourth consecutive year in 2025 by 3.4 percent, following a 3.5 percent expansion in 2024. The growth forecast is revised up marginally from the 3.2 percent projected
Heavy Rain Alert for Eastern Viti Levu, Southern Bua, Cakaudrove, Taveuni and maritime areas
A heavy rain alert is now in force for the eastern half of Viti Levu (Navua–Suva–Nausori to Serua–Namosi to Tailevu–Naitasiri–Ra areas), southern Bua, Cakaudrove, Taveuni and nearby smaller islands, the Lau an
We need to dismantle criminal enterprises, hitting them where it hurts most - Speaker
Speaker of Parliament, Filimone Jitoko has highlighted during the opening of the Office of the Director of Public Prosecutions Conference that there is a need for prosecutors in the country to master the digital frontie
Fiji has learned from its past and we know that restricting media engagement or access is not the answer - Tabuya
At all times, the public interest in accessing information and the media’s role in scrutinising government must outweigh any unilateral power to silence or sideline a news outlet. In Fiji, we uphold the principle that
Wailea resident raises concerns about drug issues raised countless times with Police while COMPOL says official complaint must be lodged
Wailea Settlement Community leader, Inoke Utona says he has raised the issue of drug use and dealing in their area countless times with the authorities but there has still been no response from Police. However when