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As many as 18,000 overseas investors - mainly New Zealanders - face an anxious wait on the fate of their money under Fiji's military leader, Commodore Voreqe (Frank) Bainimarama, the Fijilive website reports.
Fiji Islands Revenue and Customs Authority (FIRCA) chief Tevita Banuve refused to rescind a tax bill levied on New Zealand finance company Bridgecorp, defying an instruction from the military's interim Government.
The dispute centres on a resort at Momi Bay, south of Nadi, which contains hotels, marinas, golf courses and 900 residential sections.
Luxury beach homes have been sold to New Zealanders, but they have yet to receive title.
A Bridgecorp-linked Fijian company, Matapo, is building the resort and homes. Bridgecorp, which has $523 million in term investments from 18,000 people, says 7 per cent of its assets are tied up in Momi, which owes it $49.1 million.
Spokeswoman Joanne Tait said the company expected the project to restart.
Commodore Bainimarama, who overthrew the Government in December and later named himself as Prime Minister, said in a statement that he would ensure the New Zealand investors' interests were protected and secured.
But he has found himself in a power struggle with FIRCA, which demanded the development pay a multimillion-dollar tax bill.
Last week Commodore Baini-marama ordered his interim Finance Minister, Mahendra Chaudhry, who was appointed by the military, to cancel the assessment.
But Banuve said the instruction was against Fijian law and suggested that if Matapo or Commodore Bainimarama wanted to challenge the assessment, they do it in court.
Aside from Bridgecorp investment, about 100 New Zealanders have paid more than F$240,000 ($200,000) each for a house at Momi.
- NZPA
