The Government of the Republic of Nauru

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Ronwan capital distribution

The Baron Waqa government will commence payment today (Monday, 9 June) of $60-million to landowners as part payment of the Ronwan capital.
 
The Waqa government and the Nauru Phosphate Royalties Trust (NPRT) have announced the following schedule:
 
1.    Beginning the week commencing 9 June 2014, the sick, elderly and disabled beneficiaries will receive payments of RONWAN capital;
 
2.    Beginning the week commencing 16 June 2014, payments will be made into the bank accounts of beneficiaries with bank accounts other than Bendigo Bank accounts as well as those who have not had their Bendigo Bank accounts activated yet;
 
3.    Beginning the week commencing 23 June 2014, payments will be made to beneficiaries who are entitled to receive up to $5,000.00;
 
4.    Also beginning the week commencing 23 June 2014, all remaining beneficiaries (namely those who do not hold any bank account) will receive payment through the Nauru Revenue Office.
 
While there have been Ronwan interest payments made over the past few years, the capital funds have not been paid out.

Realising the poor economic management of past administrations of the overall Ronwan funds, the Baron Waqa-led Government resolved to hand over possession of the funds held by NPRT to landowners.
 
In December 2013 the Nauru Parliament tabled and passed the Ronwan Distribution Act 2013.
 
In April and May this year the Waqa government has paid out almost $20-million of Ronwan interest to landowners.

Later this year a further payment of Ronwan Capital of a smaller amount will be made to landowners once the last remaining assets of NPRT have been sold at market value.

External accountants have been commissioned to quantify the total monies that previous governments owe the Landowners Fund administered by NPRT.
 
The Waqa government is committed to repaying over time the total amount owed to landowners by previous administrations.
 
While each landowner will be able to access their bank statements online, the Waqa government has also commissioned an online portal that will provide historical information and reports (24/7) showing land-holdings, Ronwan income, Ronwan capital and government debt, for all individual beneficiaries.