The American Samoa Telecommunications Authority Board of Directors appears to have accepted loan terms set by the American Samoa Government Employees Retirement Fund for a nearly $5 million loan.
As KHJ News reported last week, the Retirement Fund Board approved ASTCA’s request for $4.7 million from the pension fund for government employees, with conditions.
The Chairman of the ASTCA Board Roy Hall Jr, when asked for a comment said he’s pleased with the Retirement Board’s approval of the ASTCA loan application and the conditions are fair and reasonable.
The ASTCA loan will go towards the government phone company’s share of a new undersea marine cable, called the Hawaiki cable.
This is a Trans Pacific cable which will be American Samoa’s link to Australia, New Zealand, the mainland United States and Hawai’i.
Hall has stated at Fono hearings that ASCTA’s share in this cable is $28 million
The Executive Director of the Retirement Fund Iaulualo Talia Faafetai declined last week to disclose a letter from the Chairman of the Fund, Vaanatiu Tafala Iafeta listing conditions
He cited that the ASTCA board had yet to accept the loan conditions so while they were at the negotiating phase it was pre mature to release the letter.
KHJ News understands that one of the conditions that the Retirement Fund Board set is for the ASTCA loan payment to be legislated.
