Ivan, you have it so wrong. Our near neighbours (Nauru) have attracted the inept of the aviation industry of late, and ON has been subject to gross mis-management for years. Reporting inaccuracies and huge ego's at the top of the airline structure are to blame.
How can one GM claim excellent profits when they never paid lease fees for the aircraft (the lost -400). This is in the same category as President deRobert claiming a profit when they had a loss of $15m in lieu of the budgeted $29m loss (Forum, about '84).
NPC regularly paid engineering fees (when QF would not release the aircraft) and all their insurance charges for many years (under Pres. Laggy Harris?).
It is well known that there still pilots (long gone) who have never been paid their Super, nor (in some cases) their final year's salary each. An average $100k for about 5 pilots is in question; & just under $1m for a long time employee that many of know, who settled for less than half of what they (& the Bank of Nauru) owed him.
Four Nauran pilots are flying for JAL, Emirates, & Eva, but not invited to fly for the national carrier as ON's technical (mis)management team have their mates (all captains) in there.
The airline never had any funds to commandeer. The Nauruan land-owners have paid for the airline operation.
Taiwan paid for their current aircraft, as it has our own (Marshall Is) Dash8. Some $1.5m has been given to CW since Christmas & they still can't get it right. So Nauru is not alone in that regard.
You can not blame any politicians in Nauru about the airline's lack of financial performance. Poor management has been a factor over the past decade & it may not improve for quite a while.
Some serious consideration to revenue generation must be high on the new CEO's agenda if ON is going to remain viable.