Missing Millions

Nauru

Missing Millions Melbourne talks

Talks took place in Melbourne in January about the millions of dollars missing from the Nauru Phosphate Royalties Trust.

The talks involving trustees, normally based in Nauru, and four London lawyers took place at Nauru House where the trusfs office is located.

Aicording to Pacnews Canberra burea some US$B.5 million is sad to be missing as a result of the trust’s involvement in inve.tment schemes in 1992.

Tie trust is also seeking a further US$5 million paid out in fees o various advisers. The schemes are the subject of civil proceedings launched by both the trust and the law firm Allen Allei and Hemsley.

According to the Australian Financial Review, the Victorian Corporate Crime Group confirmed that it wanted to interview former trustees about the schemes. However, the newspaper said alks between the police and former trustees broke down.

Tlree of the four current trustees, taking part in the Mellourne talks, were trustees at the time of the 1992 inveiment program when US$6O million was placed in bank accomts in London and elsewhere.