OPPOSITION MP Faiyaz Koya has called for a full parliamentary inquiry into the Fiji National Provident Fund’s controversial Westin Denarau redevelopment project, warning that a reported cost blowout exceeding $200 million raises serious ethical, legal and governance concerns.
Speaking during debate on the 2025 FNPF Annual Report in Parliament, Mr Koya acknowledged the committee’s work in highlighting key issues within the fund while also defending FNPF’s historical success as one of Fiji’s most important financial institutions.
He said Parliament should avoid “finger-pointing” over past administrations, noting that the fund had grown into a billion-dollar institution through decades of contributions from workers, governments and investment decisions.
“Successive Governments made it successful, our working population has made it successful, and 99.9 per cent of the investments it has made have proved correct,” he said.
He pointed to the fund’s strong financial performance, including revenue growth from $900 million in 2024 to $1.1 billion in 2025, and highlighted investments in BSP, ATH, HFC and tourism properties in Denarau. He also acknowledged concerns raised by former Deputy Prime Minister and Finance Minister Professor Biman Prasad regarding offshore investments, saying returns for contributors must remain the priority.
However, Mr Koya said one issue could not be ignored — the escalating costs surrounding the redevelopment of the Westin Denarau resort.
“One of the glaring issues that we all need to face up to, and this is not poppycock, at the end of the day, if you are an investment company and you have a $200-plus million blowout with respect to an investment that you have made, this is cause for some serious concern,” he said.
Mr Koya told Parliament that he had previously questioned Government over the project, arguing that a major conflict of interest existed because FNPF had both invested in the resort and held ownership in the construction company responsible for the redevelopment.
“The Westin is an iconic property.
“However, the problem here is that FNPF bought it, FNPF then engaged Fletcher Construction to do the construction and FNPF itself owned 25 per cent of the construction company. Just that conflict alone ought to have reddened people’s ears.”
He said the situation had become even more troubling following reports that the construction company was now jointly owned by FNPF and Fijian Holdings.
“Now you have an entirely local company which is now 50 per cent owned by FNPF, yet the project is still not complete.
“You have a $200-plus million contractual blowout.”
Mr Koya questioned how such a large overrun could occur without accountability, saying any private investment company facing similar losses would likely face lawsuits, dismissals and independent investigations.
“Would you not be in court? Would you not be suing? Would you not be firing?
“This is not your money, my money, this is our money — all of those who have invested in it.”
He also criticised comments previously made in Parliament describing the dispute as a “family matter” that would be resolved internally.
“Sir, you cannot be flippant with $200-plus odd million.
“Who is going to compensate the actual owners of FNPF — nurses, carpenters, poor workers who are all owners of the FNPF?”
Mr Koya urged Parliament to establish a bipartisan inquiry similar to the Housing Authority investigation to determine who approved the escalating project costs and whether proper governance procedures were followed.
“There is a gap of about $140million.
“Who did this? Who sanctioned it? Who signed off on it? Who actually allowed FNPF’s own company to start the construction on its own project?”
He warned that silence from the Fund’s board only deepened public concern.
“There is a deathly silence from the board with respect to all of this.
“Something is not right; something is amiss.”
Mr Koya said the matter affected the retirement savings and security of more than 400,000 Fijians and urged lawmakers to ensure greater transparency and accountability moving forward.
“I urge the committee to instigate an inquiry into this matter to find out exactly what happened.
“We are the representatives of the people and we are answerable to them.”
