9 Jun 2009

Tourism Fiji says Momi Bay resort would be boost

3:15 pm on 9 June 2009

The chairman of Tourism Fiji says the troubled Momi Bay resort development would be a great boost for the tourism industry if it goes ahead.

One of the major lenders in the development, the Fiji National Provident Fund has taken possession of the property and is preparing it for auction.

The Fund's chairman Parmesh Chand says it's exercising its right to recoup, what is reported to be a 38 million US dollar investment.

Tourism Fiji chairman Patrick Wong says the resort would bring distinction to Fiji if it is completed.

"I think it would likely be a five-star property. Just looking at what's being developed out there with you know, over the water bungalows, it is pretty significant actually. When you look at it, you've got Denarau, and then you move along, you've got Momi, you move along you've got Natadola, and then as you move along you've got the Fijian Hotel, so really it's a whole coast line that's being developed."

Patrick Wong says he believes there would be potential buyers for the development.

But the resort developers, Matapo, and Pricewaterhouse Coopers, the receivers for Bridgecorp, which reportedly lent it 65 million dollars, are considering legally challenging the fund's right to take possession.