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Wednesday, June 20, 2007

FNPF investment at Natadola safe

The Fiji National Provident Fund (FNPF) has said that its investment at Natadola is safe. The comment was made after the cancellation of the foreign investment registration certificate of Natadola Land Holdings by the Fiji Islands Trade and Investment Bureau (FTIB).

The FNPF said that the cancellation of the certificate means that Natadola Land Holdings cannot engage in "development and management of integrated resorts".

The Chairman of the FNPF Board, Peceli Vocea, said that the Fund has had informal discussions on the way forward in terms of replacing Natadola Land Holdings and made the assurance that the cancellation will not impede the completion of the project at Natadola.

FNPF Investments Limited, a subsidiary of FNPF, holds 51% shareholding in Natadola Land Holdings with the remaining 49% owned by Hotels Property Pacific Limited (HPPL) of which APRIL (Hong Kong) is a major shareholder.

APRIL was project manager for the Natadola project before being removed recently.

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