Ro Filipe questions whether FDB has lost out after sale of Pullman Nadi Bay Resort and Spa Fiji

SODELPA MP Ro Filipe Tuisawau has questioned whether the Fiji Development Bank has lost out following the sale of the Pullman Nadi Bay Resort and Spa Fiji as a report states the initial investment was $80 million and there were a lot of complications in the construction which led to a lot of overrun.

While speaking in parliament Ro Filipe said the primary financiers of the resort project were the FDB and HFC Bank and the FDB advertised the mortgage and sale.

Ro Filipe has also questioned whether an assessment was properly done on the net cash flow, net operating income, revenue per available room and risk analysis.

He says the report states that it was a bold venture from the developers, Travel World Resorts Limited, a subsidiary of Gokal Group of Companies in support of government’s drive for tourism.

Ro Filipe says the report highlights contributing factors to the current situation which includes the location and cost overruns.

When questioned by Legend FM News on how much was owed by the investor and the amount recovered, FDB CEO, Saud Minam says the bank is still in the process of recovering outstanding debts after the sale of Pullman Nadi Bay Resort and Spa Fiji and will not be able to conclude on the remaining debt as yet.

Minam says FDB is optimistic that it will be able to recover the maximum debt through the recovery process currently underway and minimize any direct loss.

While responding to Ro Filipe in Parliament, Acting Prime Minister, Aiyaz Sayed-Khaiyum stated that FDB has sold Pullman Nadi Bay Resort and Spa Fiji.

He says they were concerned the FDB may get a firehouse sale due to COVID-19 but it has been able to get almost what they wanted.