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Source: ONE News
Negotiations with potential buyers are reported to be continuing after Fiji's Momi Bay Resort failed to sell at auction.
The Fijivillage news website reported bidding for the project stopped at $US20 ($NZ29.54) million, but Philip Toogood, general manager of the auction organiser, Bayleys, says discussions are expected to continue over the next few days.
The Fiji National Provident Fund (FNPF) and Fiji Development Bank (FDB) provided $F80m ($NZ58m) funding for construction of the Momi development through a syndicated loan to Matapo Ltd.
About $106m in funding came from NZ finance company Bridgecorp, which fell over in July 2007.
More than 14,000 secured debenture holders in Bridgecorp have been told they are likely to only recover 10c in the dollar on their $460m investment in the firm, if receivers do not make any recovery from the Momi project.
The provident fund put the project up for auction in an effort to claw back the Fijian investment, but the highest bid on Tuesday was $F41m.
The original developer, Matapo, made an unsuccessful legal bid to stop the auction.
