The former attorney for the Retirement Fund, Faoa Aitofele Sunia, says he’s on record advising the Board of Trustees of the pension plan for government employees that they should not sever the Bank of Hawaii lease for the Centennial Building.
He says BOH had about ten years remaining on its 25 year lease but against his advise the board terminated the BOH lease.
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Faoa said the termination of the BOH lease means the loss of $3 million.
The Retirement Fund Board chairman has said that the Territorial Bank of American Samoa is to pay the same lease rate as BOH of more than $22,000 a month.
However Faoa said since this is a government bank the lease will be on paper only with no cash payment.
