Rates Round Up

More Momi troubles for Bridgecorp investors
The auction of the unfinished Momi Bay development that had some $106 million invested in it by the failed finance company Bridgecorp is under threat by the developer which is seeking to block the sale.

Matapo, which is itself subject to a $17 million suit from Napier's Herbert Construction company for work on the site in Fiji, hopes to stop Bayleys' auction on behalf of the Fiji National Provident Fund.

The action has the support of Bridgecorp's receivers, and if the sale is allowed to go ahead, 14,300 Bridgecorp investors will probably be looking at a return of 10 cents for every dollar they invested in the company.

Rockforte Finance in the spotlight over Jean Jones' funding
Rockforte Finance, the small finance company with a loan book of some $6.8 million, is facing scrutiny on several fronts after the liquidator of Jean Jones raise some concerns about its financing of the clothes retailer.