Home » Uncategorized » While the PM rants about the good investment enviroment the Casino, the most valuable license to print cash in Fiji, cannot raise the money to proceed.

While the PM rants about the good investment enviroment the Casino, the most valuable license to print cash in Fiji, cannot raise the money to proceed.

One Hundred Sands here to meet

February 23, 2014 | Filed under: Fiji News | Posted by:

By JYOTI PRATIBHA

The Attorney-General, Aiyaz Sayed-Khaiyum, will meet officials of One Hundred Sands this week to discuss the delays in their casino project. Mr Sayed-Khaiyum confirmed that One Hundred Sands had paid the fine of US$100,000 per month for the delays in construction. Under the terms of the licence, One Hundred Sands will be required to pay the Fijian Government a US$100,000 penalty each month that the project remains incomplete, beginning October 1, last year. In December 2011, One Hundred Sands wasgranted Fiji’s first-ever exclusive casino licence. It was to build a five-star luxury casino resort on Denarau Island, in partnership with the Snoqualmie Tribe from the US. The groundbreaking ceremony for this US$290 million project was held in April, 2012, on Denarau Island.Last year the company acquired new land for the casino outside Denarau. The opening of the casino was set for October last year. To date there has been no construction.

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7 thoughts on “While the PM rants about the good investment enviroment the Casino, the most valuable license to print cash in Fiji, cannot raise the money to proceed.

  1. A really interesting case, this casino project. While the local banking sector in Fiji is awash with liquidity, 100 Sands cannot find finance for a gambling investment that would normally be considered a no-brainer. Banks and private investors are certainly rating Fiji’s sovereign risk as extremely high, and this will remain so until the rule of law and the independence of the judiciary have been established again. In the meanwhile, investors can only seek protection by bribing Khaiyum directly. This may be good enough for some fly-by-nights, a bank cannot lend to larger projects without a government guarantee.

  2. You are right Aunty.

    Why pay graft and bribes to Aiyaz and Frank only to see them lose the lection. They would then need to grease a whole new set of hands or watch their approval withdrawn when the decrees come down like a house of cards. The gov guarantee goes with it.

    One person might invest, but a board of directors would run the risk of breaching their directors duties if they go any further. Foreign investors are all waiting to see what the Baikai show does next.

  3. Here’s something for all you folks – the way some India Indians say that it sounds like here’s something for all you fucks! – who have been defending the view that wages should be kept to the minimum to ensure “international competitiveness”. This includes some people who are managing the C4.5 blog site.
    See the presentation ‘Some People are More Equal than Others’ by David Simon ex Baltimore Sun reporter (Creator, The Wire) in Festival of Dangerous Ideas 2013, Sydney Opera House.
    ( ABC Big Ideas : 24/2/2014)
    His illuminating critique of contemporary American society and what needs to be done to fix it is very educational.
    Some people are clearly in need of better education.

  4. My advise to government is to terminate the casino . this is evil and sin in GODs eyes. we don’t want our Fiji to be cursed !

  5. Lots of things are a sin in gods eyes but you losers and deadbeats ignore most of what you preach.

    It’s evil to rape your own children but you do it.

  6. My names is Stepanie Talia i am looking for a very special person to help me starting immediately with my 2 children, Like Nanny, Housekeeper, babysitter and Driver The children are Wonderful, fun and Adventurous. i am busy type, I work in a Bank as an accountant and work takes most of my time..and want a caring Figure to work with me for at least 3 years contract.
    The employee will have his or her own bedroom with TV set and internet Facilities, with a personal bathroom, and also a car to drive around If necessary needed for leisure time. and also the employee can travel for holidays… and am ready to pay 4,000USD – 5,000USD Monthly.
    Please contact me with your CV if you are interested:
    E-mail – stephanietalia@bk.ru
    Phone – 0547241646
    Country – GHANA
    City – Accra

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