New start for failed Fiji resort

A failed Fiji resort project was officially restarted by the country's PM, Commodore Frank Bainimarama, yesterday.

Fletcher takes lead role on restarted project

Fletcher Building has been named as a construction partner in the redevelopment of Bridgecorp's ill-fated Momi Bay resort - a contract worth $130 million to the NZX-listed firm.

A failed Fiji resort project that imprisoned fraudster Rod Petricevic and other Bridgecorp directors poured $106 million into, Momi Bay was officially restarted by the country's Prime Minister, Commodore Frank Bainimarama, yesterday.

The half-finished Momi Bay resort was the largest property project Bridgecorp had put money towards and in 2006 was to have been the biggest resort development in Fiji and the South Pacific.

The project was behind schedule and had run into trouble well before Bridgecorp collapsed in July 2007, owing $459 million to 14,500 investors.

In 2009 the Fijian military regime seized Momi Bay against the wishes of Bridgecorp receivers in an effort to stem the losses of the Fiji National Provident Fund, which was exposed to Momi Bay.

Bainimarama announced in 2012 that the fund would invest about F$150 million ($103 million) to complete the first stage of the development.

He officially launched the Momi Bay redevelopment project yesterday and welcomed Fletcher Building as a "construction partner".

A Fletcher spokesman told the Herald the company was the lead contractor on the redevelopment, which was worth F$199 million to the company.

The project involves recladding the existing structure as well as fitout and work on a lagoon.

The resort, which Bainimarama said would generate 400 jobs during construction and a further 500 when open, will be operated by global hospitality chain Marriott.