10 Oct 2017

American Samoa Telecommunications Authority loan approved

11:33 am on 10 October 2017

The Board of Trustees of the American Samoa Government Employees Retirement Fund has approved a second loan for the American Samoa Telecommunications Authority.

Internet cable

Photo: AFP

The board chairman Vaanatiu Iafeta Tofala did not return phone calls but two senior government officials who did not wish to be named confirmed this.

They said the loan was approved even before the Chairman of the Board and Executive Director of the Retirement Fund appeared before the House Retirement Committee last Friday.

However, the execution of the loan was done following the hearing.

The new loan amount is US$6 million at 8 percent interest.

It's understood that the new loan is being consolidated with ASTCA's 2016 loan of which a balance of US$3.1 million is remaining.

The ASG officials also confirmed that $US3 million is being assigned to the Hawaiki Cable, and the Retirement Fund will have equity in the undersea fiber optic cable.

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