NAURU SUES TO KEEP $18 MILLION IN HONOLULU PROPERTY SALE

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SYDNEY, Australia (ABC News Online, April 25) - Nauru's
Rehabilitation Corporation has taken out a court injunction in Melbourne to stop
the immediate disbursement of $US18 million - the proceeds of the sale of a
property in Honolulu.

The Rehabilitation Corporation - which was a part owner of the
property - is demanding a say in how the money is distributed.

The property in Honolulu was jointly owned by the Nauru
Phosphate Royalties Trust and the Nauru Rehabilitation Corporation.

The Nauru Government, which is in caretaker mode with the
country going to the polls in just over a week, is keen to see the proceeds of
the sale as quickly as possible because it owes its public servants huge amounts
of back-pay.

But the hitch is that the Rehabilitation Corporation, which
owned just over 50 per cent of the Honolulu property, claims the Trust has not
consulted it about how the money will be disbursed.

The court injunction expires next Tuesday.

The management of Nauru's property portfolio is a hot campaign
issue and one group of landowners is petitioning the Trust over the Honolulu
sale claiming their rights are being ignored.

May 1, 2003

ABC News Online: http://abc.net.au/news/ 

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