Investors are expected to lose everything in the $106.6 million loan exposure in respect of the Momi development in Fiji as receivers of failed finance company Bridgecorp are still unable to say when they would make any pay outs to secured company bond holders.

Bridgecorp collapsed in July, 2007, owing $459 million, and its largest loan was to Momi, where it had a $49.1 million exposure.

TVNZ reports that Bridgecorp's receivers Colin McCloy and John Fisk of PricewaterhouseCoopers are also investigating what to do after the Fiji government implemented the Momi Bay Resort Decree, stopping 58 legal challenges on the ownership of the property and giving the Fiji National Provident Fund full ownership of the property.

A spokesman for PricewaterhouseCoopers said they had tried to stop the Fiji government from issuing its decree, and are now exploring legal avenues as to what further steps they can take.

The Momi Bay Resort failed to sell at auction last August, when bidding stopped at around $41 million, short of the $81 million invested by the FNPF.

The FNPF has since written off around $55 million from the Momi Bay Resort project and is proceeding to try and sell the remainder of the developed and undeveloped sites.

Meanwhile, it has been confirmed that the FNPF is currently assessing the expressions of interest received for properties on Momi Bay Resort which remains incomplete at this stage.

Story by: Roneel Lal