The president of the Development Bank of American Samoa Ruth Matagi Fa’atili says the $2 million loan that DBAS received from the American Samoa Government Employees retirement Fund has enabled the bank to offer an additional $1.5 million in mortgage loans and $500,000 in commercial loans.
The DBAS president was responding to a request from Rep. Larry Sanitoa,Chairman of the House Commerce and Economic Development Committee for DBAS’ latest audit report and financial statement.
Matagi Faatili said 17 home mortgage loans and 3 commercial loans were financed with the $2 million DBAS borrowed from the Retirement Fund.
Sanitoa had also requested an audit report and financial statement for DBAS for FY2015.
The bank president informed the Tualauta lawmaker that the audit report for the bank for Fiscal Year 2014 and a profit and loss statement has already been provided to the Fono.
As for the Fiscal Year 2015 audit Matagi Fa’atili explained that the annual report is not due until March 31.
The DBAS president said a copy of their un-audited 2015 and a profit/loss statement with assets and liability statement would be provided when she receives approval from the Board of Directors.
She pointed out that the statements are subject to final review and auditing and the complete 2015 financial statement covering January 1, 2015 through December 31, 2015 will not be published until after completion of the 2015 audit.
Committee Chairman Rep Sanitoa has called a hearing with the DBAS President and the Board Chairman, Senator Nuanuaolefeagaiga Saoluaga Nua sometime this week.
In other news from the House, Rep. Sanitoa told his colleagues that he’s scheduling a hearing for the American Samoa Economic Development Authority Board later this week for an update of the bond sale which netted $78 million.
He told his colleagues they need to have a thorough understanding of the real status of the bond money.
These are not small amounts of money we’re talking about, said Rep. Sanitoa, adding that the Fono has a responsibility to ensure that the Fund intended for employees when they retire is sound.
This Thursday, Chairman of the ASEDA Board, Treasurer Ueligitone Tonumaipe’a and Vice Chairman, Utu Abe Malae, Executive Director of the American Samoa Power Authority ASPA will face questioning by Chairman Sanitoa and the committee.
