DBAS has Filed Unaudited Financial Statement

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The President of the Development Bank of American Samoa Ruth Matagi-Faatili says DBAS has complied with the law requiring an annual report of the bank to be submitted to the governor and Fono.

When Matagi-Faatili appeared at a recent House hearing, Tuala-uta Rep Larry Sanitoa pointed out that he has not seen a DBAS financial report for awhile and reminded her that DBAS is required to file an annual report with the Fono.

According to the American Samoa Code Annotated the Development Bank of American Samoa must prepare and file with the Governor and with the Legislature of American Samoa, annually, within 90 days after the close of its fiscal year, a report sworn to by an officer of the Bank. The report must include a profit and loss statement of the last fiscal year and a statement of the bank’s assets and liabilities as of the close of the year. The statute also states that the report must be made available to the public by publication or otherwise.

The DBAS president told KHJ News in a follow up interview DBAS has submitted an unaudited financial statement for the bank with the Senate President and House Speaker. She said that she didn’t bring this up at the hearing but Rep Sanitoa can request a copy of the report from Fono leaders. The report however is not displayed on the DBAS website, which was the case under former DBAS presidents.

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