10 Dec 2015

Nauru relieved over court ruling

10:28 am on 10 December 2015

Nauru says it can move forward after the Federal Court of Australia dismissed an appeal by US hedge fund Firebird.

Last week, the court ruled that Firebird Global Master Fund couldn't claim that the Nauru government pay it 27 million UIS dollars up for a debt accrued by Nauru Finance Corporation.


Last year, Firebird got what is called a 'garnishee' order for Nauru assets held by Westpac Bank in Australia to be frozen, but four days later Nauru was successful in overturning this.

Nauru's Finance Minister David Adeang says the resolution to this case now brings clarity and peace of mind to all Nauruans.

In a statement, he says as committed Christians, they feel God has been watching over Nauru and helping the nation move forward.