Nauru Phosphate Royalties Trust

The Nauru Phosphate Royalties Trust ( NPRT ) ( Nauruan phosphate earnings management ) is a Nauruan society, which was founded in 1968 to manage the big win of the phosphate mining on Nauru. The owner of the NPRT is the Nauruan government. Chairman of the NPRT was 2004-2007 Fabian Ribauw (36 ), member of the Nauruan Parliament. In December 2007, the new President Marcus Stephen took over the charge of the Ministry NPRT.

Future generations in Nauru should be able to live on money from the NPRT, but there were millions lost due to bad investments, corruption, speculation on the Tokyo stock market and financial incompetence. The NPRT invested the money from the sale of phosphate mainly in foreign real estate, such as. In some hotels in Hawaii, Australia and across the Pacific, as insurance for the days when the phosphate deposits have dried These hotels are run down, however, and virtually worthless today.

Under the Nauruan Constitution of the NPRT had to pay an interest rate of phosphate sales into a fund for restoration of the interior of the island. Actually should - without the additional Australian compensation - are available more than 230 million U.S. dollars for it; but also that money went as that lost for future generations.

The NPRT is since independence in 1968, the only institution which paid cash to Nauruans - if the payment is done at all; most of the money spent each incumbent government itself for its expensive luxury goods. Even today, the population is completely dependent on the basis of payments NPRT to obtain the basic necessities such as food.

Until 1991, the NPRT spent some 800 million U.S. dollars for real estate in Australia, the U.S. and the UK, for a national shipping line (NPL ), a national airline (Air Nauru ) and the Nauru House in Melbourne. Today, the value of these institutions is estimated at less than 130 million U.S. dollars. 1994 resulted in an internal investigation that about 8.5 million U.S. $ were lost due to bad investments and corruption.

The money was also used to import food from the U.S. to canned food, which sometimes is a reason for the world's highest rate of diabetes. Another example is the financing of the musical Leonardo. A Portrait of Love in 1995, Duke Minks, an Australian business entrepreneur, persuaded the government $ 2.9 million for his A musical about Leonardo da Vinci in London to sponsor. After four weeks, the play closed. Previously, some women had hindered the departure of a government delegation to the premiere at the airport by a sit-down strike.

1997 NPRT had to pay 26 million A $ to an Australian property owners after two lost processes in a Melbourne court in the dispute over an old hospital. 2003 complained of NPRT one of his former advisers in London for embezzlement of 60 million to A $. The complaint was not upheld.

While the money was squandered from phosphate sales, the NPRT some mortgages took a year to, among other things, at General Electric. GE called 2004 now $ 230 million of Nauru; a claim that could cost the NPRT and the entire state sovereignty. Since 2003, Nauru threatened with the loss of the purchased property. In September 2004, the NPRT had the Nauru House in Melbourne sell.

See also: Nauruan phosphate society, the economy of Nauru, politics in Nauru, portal: Nauru

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