Current Asset

Current Asset

The Trust's fixed and current assets, many of which were in Melbourne, were reduced considerably, and many never fully recovered. Some of the failed investments included financing 1993's Leonardo the Musical, which was a financial failure, the purchase of the vacant Carlton and United Breweries site on Swanston Street in 1994 which was sold undeveloped in 1998, a loan to the Fitzroy Football Club which went into liquidation in 1996, and the Queen Victoria Village site which was repossessed in 1999.The Mercure Hotel in Sydney35 - and Nauru House in Melbourne were sold in 2004 to finance debts and Air Nauru's only Boeing 737, which was repossessed in December 2005. Normal air service resumed after the aircraft was replaced with a Boeing 737-300 airliner in June 2006.36 - 37 - The value of the Trust is estimated to have shrunk from 1,300 million Australian dollars in 1991 to 138 million dollars in 2002.38 - In 2005, the corporation sold its property asset in Melbourne, the vacant Savoy Tavern site, for $7.5 million.39 - Nauru currently lacks money to perform many of the basic functions of government. For example, the National Bank of Nauru is insolvent. The CIA World Factbook estimated GDP per capita at $5,000 in 2005. - The Asian Development Bank 2007 economic report on Nauru estimated GDP per capita at $2400 to $2715.2 -

Current Asset

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