President Baron Waqa addresses nation on Firebird court case
His Excellency
President Baron Waqa delivered a national address this afternoon (6
Oct) reassuring the Nauruan people that the best interests of Nauru
will be protected in relation to the Firebird case currently before
the Court of Appeal of New South Wales (NSW) in
Australia.
Speaking in the
Nauruan language in a live television coverage, President Waqa
first explained who the U.S based fund manager, Firdbird, is and
its case against Nauru for $30-million in bonds
repayments.
President Waqa
explained that over time those Japanese bonds have accumulated and
while past claims have been defeated, Firebird is now using a court
hearing in 2011, to now make a third attempt at claiming the
debt.
Last month
(September) Firebird was successful in obtaining a freeze of
Nauru's Australian bank accounts. The Government then
immediately hired lawyers in Australia to lift the
freeze.
After a four day
trial, before the Supreme Court of NSW last week, the ruling was
decided in favour of Nauru, on Friday 3 October. The Court ordered
that the judgment against Nauru should be set aside.
As a result, the bank
freeze order was lifted last week (3 Oct). However, Firebird then
immediately filed an appeal against the decision of the Supreme
Court of NSW resulting in the bank freeze remaining in
place.
The appeal will be
heard in the NSW Court of Appeal before a panel of three judges on
Monday 13 October.
President Waqa is
calling for calm and assures the people that the government will
not fail to deliver on its promises of improved financial standing
for Nauru and its people and will do its best to protect the best
interests of Nauru.
The President is
serious about the issue and has tasked Finance Minister the
Honourable David Adeang to work on and resolve the
case.
President Waqa
thanked those who have been working on the case and those that have
been steadfast in prayer. President Waqa once again calls on the
Nauruan people to stand by their government during this
time.
A statement on this
matter will be made at the next sitting of Parliament later this
month