NEWS

FNPF Paid $8.7million To Narewa

Mr Bainimarama said the payment was for an additional 47-years of lease premium required by FNPF for Sheraton Fiji Resort and The Westin Denarau Island Resort and Spa, to enable them to have a full 99 years lease.
16 Feb 2019 10:26
FNPF Paid $8.7million To Narewa
Attorney General and Minister for Economy Aiyaz Sayed-Khaiyum, Prime MInister Voreqe Bainimarama with PS in Prime Ministers office Sunil Karan outside Parliament on February 13, 2019. Photo: Ronald Kumar.

A total of $8.7 million was paid by the Fiji National Provident Fund (FNPF) to the landowners of Narewa village in Nadi last month.

The revelation was made by Prime Minister Voreqe Bainimarama yesterday in his response to a written question by Opposition Member of Parliament Viliame Gavoka.

Mr Bainimarama said the payment was for an additional 47-years of lease premium required by FNPF for Sheraton Fiji Resort and The Westin Denarau Island Resort and Spa, to enable them to have a full 99 years lease.

Mr Gavoka questioned Mr Bainimarama whether the percentage of gross receipts paid to the Narewa landowners is 3.5per cent or 5.5per cent.

Mr Bainimarama said the payment of 3.5 percent of gross receipts rentals for both resorts was effective from January 1, 2018 based on the gross receipts of operations by both hotels.

He said the percentage of gross receipts is reviewed and increased by 0.5per cent after every ten years until it reaches 5 percent.

“The lease premiums paid for these two leases under TLTB’s current Tourism Lease policy is one of the best for the landowners as has now being aligned to the current market conditions,” Mr Bainimarama said.

“For the lease premiums paid out to the surviving landowners in January 2019, a total of 1,715 members received an equal portion of $4,543.”

Edited by Susana Tuilau

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