Vic: Receivers appointed to Nauru House and other properties

AAP General News (Australia)
04-18-2004
Vic: Receivers appointed to Nauru House and other properties

The Pacific Island of Nauru's financial crisis has deepened with receivers moving into
Melbourne's Nauru House and other Australian property assets.

American financial giant General Electric Capital Corporation is seeking to recover debts.

The move comes after the Pacific Island republic failed to pay back more than $230
million of borrowed money.

Nauru's Australian spokeswoman HELEN BOGDEN says receivers were appointed to the Nauru
House Property Trust on Friday afternoon.

She says the trust includes Melbourne's Collins Street high rise Nauru House, Sydney's
Mercure Hotel and Royal Randwick Shopping Centre and Downtowner and Savoy Park Plaza hotels
in Melbourne.

She says Nauru's President RENE HARRIS is in Australia to deal with the issue and is
due to meet Foreign Minister ALEXANDER DOWNER tomorrow.

AAP RTV clm/wz

KEYWORD: NAURU AUST (MELBOURNE)

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