2 Aug 2004

Selling property assets best way for Nauru, say receivers

9:24 pm on 2 August 2004

Receivers acting for the General Electric Capital Corporation (GE) over Nauru's 165-million US-dollar debt say the country might benefit most from the sale of properties.

Steve Parberry, a partner with accountancy firm PPB, says Nauru could climb out of its financial crisis by selling its major Australian property assets.

Mr Parberry says throughout PPB's dealings with them, the Nauruans have been keen to retain their assets however these assets have not provided income for Nauru people for a considerable amount of time.

He says there seems to be a lack of understanding in the Nauru government about their financial interests.

"Their assets on some occassions have actually been run down instead of capital improvements been made to them. You know, they really haven't had the financial acumen to be able to manage these properties as well as they should have been and that's been acknowledged by the Nauruans that are now trying to rectify some of those problems. But time has passed and the equities in these properties has been decreasing instead of increasing."

PPB's Steve Parberry