Momi Bay sale appears set as legal action fails

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TROUBLED: Fiji's Momi resort project.

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The auction of an unfinished multimillion-dollar luxury resort in Fiji seems set to proceed today, despite last-ditch efforts to block it.

If it does proceed it will end Bridgecorp investors' hopes of seeing any of the $106 million they have sunk in the Momi Bay project. Bridgecorp's receivers supported a court bid on Friday by the original developers, Matapo, to stop the auction, but this bid was dismissed.

Herbert Construction, which did a great deal of the construction, was understood to be trying to stop the auction late yesterday.

Real estate company Bayleys is holding the auction on behalf of the Fiji National Provident Fund from the Intercontinental Hotel, at Natadola Beach, not far from Momi Bay.

Bayleys chairman John Bayley said as far as he was concerned the auction was definitely on today.

The sale has attracted global investor interest. More than 120 expressions of interest have been received. "I've been flat out [holding site] inspections all day and we've been fielding a lot of calls. It will be interesting to see what happens tomorrow."

- © Fairfax NZ News