8 Mar 2007

Fiji National Provident Fund halts work on multi-million dollar resort project

11:16 am on 8 March 2007

Work on a multi-million dollar resort project majority funded by the Fiji National Provident Fund has been halted.

The Fiji Sun reports that this follows a decision by the Provident Fund to withhold funding following concerns over security provisions of loans.

The 110-million US dollar Natadola Bay Resort and its Vijay Singh designed gold course near Sigatoka is planned to have 118 rooms.

The acting general manager of the Provident Fund, Pramod Achari, says they have invested money in the project and will see it completed, but after security issues are sorted out.

Meanwhile, the 2-billion US dollar Provident Fund is under close scrutiny by auditors with its two top executives, Olota Rokovunisei and Foana Nemani, remaining suspended over allegations of abuse.