Nauru wins court case
7 October, 2014, 12:00 am
YAREN – Nauru’s Government has won a court case against a US-based funds management company, clearing the way for a freeze on the nation’s bank accounts to be lifted.
In 2012, a court ruled that Nauru owed $US14million ($F26.9m) to the fund manager, Firebird, which ballooned to $US26m ($F50.0m) when none of the money was repaid.
This week, the government’s Westpac bank accounts were frozen as Firebird tried to recover the debts. However, Nauru challenged the freeze at the Supreme Court in New South Wales, saying as a sovereign nation it was immune from the orders to freeze the accounts.