One of the reasons why the Board of Directors of the American Samoa Economic Development Authority called a rare press conference Saturday was to clear what the chairman described as “misinformation” in the press about the bond debt.
ASEDA Board Chairman and ASG Treasurer Ueligitone Tonumaipe’a said that much of the information that’s been coming out in the radio, newspaper and Facebook about the bond money is not correct.
Tonumaipe’a said it’s not true that the proceeds of the bond sale is with ASEDA.
He explained that approval of the bond trustee must be given before any money is expended for the approved projects.
ASEDA’s financial advisor on the bond issue is Lewis Young, Robertson and Birmingham of Utah, and its bond trustee, also from Utah, is George K Baum and Company.
The ASEDA board Chairman wanted the media to correct claims about spending of the bond money.
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KHJ News asked for ASEDA’s reaction to concerns raised by High Chief Pulu Ae Ae Jr who feels the new government bank will go the same way as the Development Bank of American Samoa.
Pulu referred to the write off of bad loans for ASG officials with DBAS and predicts this would also happen to TBAS.
Board member Steve Watson said he doesn’t know what loans DBAS has written off or who Pulu was talking about but the only reason why a loan is written off is if a bank makes a bad loan.
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The governor’s executive assistant Iulogologo Joseph Pereira also said he’s sad that a leader would make such blanket statements like that without thinking of the consequences.
He suggested that Pulu get the list of people he’s referring to.
