The Chairman of the ASG Employees Retirement Fund Vaanatiu Iafeta Tofala, Executive Director Iaulualo Talia Faafetai and a senior employee of the Retirement Office, Doreen Amituanai fronted up before the House Retirement Committee yesterday.
One of the topics which was covered at the hearing for which no member of the press was present was the Fund’s investment in the Hawaiki Cable.
Rep Vailoata Amituanai who chaired the hearing said in response to KHJ News questions that the officials explained that the amount invested in the new undersea cable is $17 million.
Board chairman Vaanatiu told KHJ News two weeks ago that the investment was more than $20 million.
We asked for a copy of the ASTCA proposal and the agreement between ASTCA and the Retirement Fund Board so we can independently report on the investment. But Vaanatiu declined during our last interview.
Rep. Vailoata said ASTCA and the Retirement Fund Board have signed the agreement authorizing the investment but terms are still being negotiated.
What was disclosed at yesterday’s hearing according to Vailoata is that the $17 million investment gives the Retirement Fund board ownership of the Hawaii to American Samoa spur, which will be managed by ASTCA.
Vailoata quoted the Retirement Fund officials saying the amount of the investment is within the limits set by law of how much should be invested locally.
The Fund attorney and advisors have reportedly rated the Hawaiki investment as a sound one and the terms and conditions of the investment agreement are being finalized.
The committee chairman said based on the testimony of the witnesses that they have thoroughly reviewed the Hawaiki investment and are confident that it will give a good return for the Retirement Fund while carrying out a needed development project for the territory, Representatives have given their blessings.
It was mentioned at yesterday’s hearing that the Hawaiki cable is scheduled to go on line in June.
