The Director of the American Samoa Government Employees Reitrement Fund, Iaulualo Talia Faafetai, has confirmed that a limited liability company has been formed by the Fund Board of Trustees to manage the American Samoa portion of the Hawaiki Cable.
And he doesn’t believe legislation authorizing the Retirement Fund to set up such a company is necessary.
Responding to KHJ News questions, Iaulualo said the Board of Trustees is authorized to invest money as it sees fit and the Hawaiki Cable investment by the Reitrement Fund is like any other Fund investment.
The Reitrement Fund ‘s total investment in the cable is $17 million, which is the total sum of loans to the American Samoa Telecommunications Authority.
Iaulualo explained that the Reitrement Fund owns the American Samoa spur for the Hawaiki Cable and the LLC has been set up to manage the cable in the same way that the American Samoa Hawaii Cable company was set up to manage the cable between Samoa, American Samoa and Hawaii, with BlueSky as the management company.
The LLC is incorporated in Hawaii because the territory doesn’t have a law authorizing LLCs.
The administration did submit an LLC bill to the Fono but it hasn’t been acted on.
Iaulualo said the Retirement Fund has hired an engineer/attorney in Hawaii to oversee the LLC and keep tabs of ASTCA’s performance in managing the Hawaiki cable.
He declined to disclose the identity of the individual.
