18 Oct 2013

Construction to begin on Fiji's controversial Momi Bay site in early 2014

9:13 am on 18 October 2013

The much-awaited redevelopment work on the Momi Bay Resort in Fiji has reportedly started after years of delays and failure.

Fiji Village reports the Chief Investment Officer of the Fiji National Provident Fund Jaoji Koroi says a variety of detailed investigation work has been conducted to look at the current conditions of the buildings.

He says construction work will start in the first quarter of next year.

Once completed, the resort will include a 250-room five-star hotel.

The site has been the centre of controversy after the Fiji National Provident Fund was used to invest in the project.

The New Zealand finance company Bridgecorp collapsed in 2007 with one of its largest loan exposures being to Momi.

Fiji's interim government promulgated the Momi Bay Resort Decree in 2010 giving control of the property to the Fund as secured lender to the new borrower and developer.