The legal counsel for the American Samoa Government Employees Retirement Fund, Faoa Aitofele Sunia, handed in his resignation to the chairman of the Board Vaanatiu Toafala Iafeta yesterday.
Faoa says in the letter he had previously informed Chairman Vaanatiu and Chief Executive Officer Talia Faafetai Iaulualo that he contemplated running for the office of governor in the next gubernatorial election.
His decision to resign is based on “major undertakings by the present administration that he did not subscribe to” plus the fact that he’s running for governor.
Faoa told the chairman that one of the administration’s initiatives that he did not support is the purchase of government bonds which he said “creates a $149 million debt to be paid by future generations of American Samoa.”
Faoa said against his advise the Retirement Fund money was directly involved with the bonds purchase, which contradicted his position as legal counsel or the Fund.
He also points out that his advice not to terminate the Bank of Hawaii lease of the Centennial Building to make way for the government owned charter bank, has been ignored.
Faoa says the BOH lease was for 25 years beginning in 2002 up to 2007 with the bank paying $22,454 a month.
“This means BOH is expected to pay the Retirement Fund about $3 million for the next 11 and a half years,” he wrote.
Faoa added that the departure of BOH will be a great loss for the Fund and its asset portfolio,
KHJ News points out that in a previous interview with the Retirement Fund Board chairman he said that the charter bank will be paying the same lease rate that BOH was paying.
Faoa said in his resignation letter “It’s apparent that his counsel to the board has been discounted and he feels he’s no longer able to provide the level of service the Fund deserves.
“It’s with a heavy heart that I tender my resignation effective immediately.”
Saying its been an honor and privilege to have served as counsel for the Fund for the past two years, Faoa said he has always found it paramount that the Fund is protected for current and future benficiaries.
Board Chairman Vaanatiu traveled off island last night and so did Executive Director Iaulualo.
Deputy Director of the Fund Caroline Wendt said any comment about Faoa’s resignation should come from those two officials.
Since the reasons cited by Faoa for his resignation relate to administration initiatives, KHJ News sought comments from Governor Lolo Moliga via his executive assistant Iulogologo Joseph Pereira.
But as of news time there was no response.
