23 Oct 2014

Firebird appeal against Nauru dismissed

4:29 pm on 23 October 2014

An Australian court has dismissed an appeal by a US fund management company which has been trying to recover 27 million US dollars owed by Nauru in government bonds.

The decision means Nauru will have access to its frozen Australian bank accounts.

However, the ABC reports the New South Wales Court of Appeal has stayed a garnishee order until five pm on Monday to give the firm, Firebird Global Master Fund, time to decide on an appeal.

The Nauru government had earlier warned its services, including those for asylum seekers, would be affected without access to the money which includes aid funds from both Australia and New Zealand.