At the urging of Senator Galeai Tuufuli, the Senate Retirement Committee is calling in the Retirement Fund Board to answer questions about several issues that have been reported in the media.
This includes a request by the American Samoa Telecommunications Authority for a loan from the Retirement Fund , and the investigation of former Executive Director of the Retirement Fund Luatua Filisouaiga Taafua.
ASTCA is requesting a $4.7 million loan from the Retirement Fund.
Emails sent to the ASTCA Chairman of the Board Roy JD Hall Jr. requesting information on why the loan is necessary have not been answered.
But the ASTCA loan request was confirmed by the chairman of the Retirement Fund Board Vaanatiu Toafala Iafeta.
Senate President Gaoteote Palaie said it looks like the Retirement Fund has become like a bank for groups to loan from and the Board is approving the loans without any consultation with the Fono or members of the Retirement Fund who own the money the board is playing with.
Senator Galeai is also asking for copies of the forensic audit report and the police report of the investigation of the former Executive Director of the Retirement Fund, Luatua Filisouaiga Taafua.
Luatua was fired last week after the release of a report by a fraud examiner from the Utah based company Squire which found credible evidence suggesting that Luatua misappropriated more than $112,000 from the Retirement Fund.
Witnesses for the hearing on Monday morning include the chairman and members of the Board of the Retirement Fund, and the Chairman of the Board and Acting CEO of ASTCA.
The Committee is asking for copies of the forensic auditors report as well as the report by the Commissioner of Public Safety of the former executive Director.
