5 Mar 2013

New summary report issued on American Samoa retirement fund loan

11:51 am on 5 March 2013

A new summary report on the 20 million US dollar loan from the American Samoa Goverment Employees Retirement Fund shows that less than one million is left to be expended.

The report also reveals allocations assigned to projects, such as for the Fono, show a standing balance of about three million still to be used.

The loan has been the subject of concern and complaints by lawmakers over the years because of the way it has been spent.

Last year the loan became the subject of a probe by the Senate Investigative Committee, as the investigative panel sought clarification into where the money went.

The loan money, under the law, is to be repaid by a certain percentage of excise taxes imposed on beer, alcohol and tobacco and all customs declaration fees.