hedge fund case

The government issued a statement in response to the decision in the Federal Court of Australia to dismiss an appeal by US hedge fund Firebird.

High Court judges in Canberra late last week ruled that Nauru’s Westpac accounts could not be garnisheed as they held the operational funds of the nation and are not used for commercial purposes.

Nauru’s Finance Minister David Adeang says resolution to the long-running case now brings clarity and peace of mind to all Nauruans. 

High Court judges ruled that Nauru's Westpac accounts could not be garnisheed as they were not for commercial purposes, an immunity granted by the Foreign States Immunities Act.

Had the decision gone the other way, Nauru would have been up for a very substantial sum - $31 million when the case was launched, but under half that on the current exchange rate.