by Nauru government

Business

Musical investment by Nauru government

USUALLY governments put their money in boring, safe investments, like gilt-edged securities or insured bonds.

Not Nauru, not this time.

Nauru has made a major investment comparable to buying a race horse. It expensive and very public. If it works, the world knows about it; if it fails, it is

equally obvious.

Nauru has decided to invest in a London musical production called Leonardo, Portrait of Love. The plot deals with an imaginary love affair between the famous painter and his most famous subject, Mona Lisa. The show opens in June and the President of Nauru has invited all the island heads of state to be present on opening night. More than 150 Nauruans, at considerable expense to somebody, are to be there as well.

The delegation and the heads of state will be in London the next morning to read the reviews, and to see if the show

has a chance of making some money for Nauru, or losing a bundle, the fate of many musicals.

Nauru’s investment is not only a gamble, it also apparently reflects what in other circles might be regarded as a glaring example of conflict of interest.

This is the case because their show has been written and produced by a songwriter from Liverpool (hometown to the Beatles) named Duke Minks. Minks is also financial adviser to Nauru and must have called the investment oppor tunity to the attention of his client.

Typically financial advisers are supposed to avoid giving advice which will be financially beneficial to the adviser. It is said to be a U 532.9 million production, that represents a lot of phosphate.

Nauru will soon learn whether its showbiz gamble will have a happier fate than some of its star-crossed real estate ventures around the Pacific. □