24 Feb 2005

Nauru says doing all possible to co-operate with Australian liquidators

7:17 am on 24 February 2005

Nauru says it's doing all it can to ensure Australian liquidators can clear the country's international debts as quickly as possible.

The liquidators, Prentice Parberry Barilla have sold all Nauru's Australian assets and cleared a US$188 million debt the country owed to the US General Electric Corporation.

Since then, however, a dispute has arisen between Nauru and PPB over the time being taken by the firm to settle tax and return a surplus US$63 million to Nauru.

The Minister in charge of the Nauru Phosphate Royalties Trust, Frederick Pitcher, says Nauru's seeking legal advice on whether PPB can be removed from the job.

But, he says that in the meantime, Nauru is doing all it can to help PPB get its job done as quickly as possible.

"I don't think we've hindered it in any way, and we've in fact asked PPB repeatedly if they could expedite it and we have done what we can from our side."