The Nauru Phosphate Royalties Trust (NPRT) was a sovereign wealth fund developed by the government of the Republic of Nauru in which the government invested money from the state owned mining company, Nauru Phosphate Corporation. This money was then re-invested in a real estate portfolio, among other things, to provide the government with a reliable national income following the depletion of minable phosphates on the island. Although at one time successful, mismanagement and corruption later essentially bankrupted the fund, thus virtually bankrupting the entire Republic.
Responsibility for the Trust rests with the Ministry for the Nauru Phosphate Royalties Trust, a Cabinet position. At present, the office is exercised by President Marcus Stephen himself.
Read more about Nauru Phosphate Royalties Trust: Beginnings, The Prime Years, Mismanagement, Downfall, "The Paradox", See Also
Famous quotes containing the word trust:
“To my fancy, one looks back on life, it has only two responsibilities, which include all the others: one is the bringing of new life into existence; the other, educating it after it is brought in. All betrayals of trust result from these original sins.”
—Henry Brooks Adams (1838–1918)