Taiwanese bank sues Nauru for return of loan after island withdraws diplomatic recognition

By David Marchant

22 years ago

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Eastern Gateway Hotel Eigigu Holdings Corporation International Commercial Bank of China Menen Hotel

The Taiwan-based International Commercial Bank of China has filed a lawsuit against the Republic of Nauru in an attempt to recover US$12.8 million allegedly owed under a loan arrangement.One of the ways in which Nauru is in default of the loan is through its termination of diplomatic relations with Taiwan, according to the complaint, filed at Federal Court in New York on March 19, 2003.

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