Governor Pulaali’i Nikolao Pula says he and his Executive Advisor on Finance, Brett Butler, vetted the investment proposal which has resulted in $10 million of ASG funds being invested by McKinley Beech Tree Company in the United Arab Emirates Pension Fund.
Appearing on 93 KHJs Morning Show Wednesday with Butler and ASTCA CEOP Folasaitu Sorepa Thomas, the Governor said the investment decision was not made on a whim. He and Butler had face to face meetings with the two Samoans who made the first approach. And Butler also met with the CEO of McKinley in Bangkok, Thailand.
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Butler said he received communication from the investment company Wednesday that the drawdown of funds from the United Arab Emirates is on schedule to happen on September 18.
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And after McKinley draws down the money, ASG should receive the first tranche of $20 million next week.
The Governor said ASG urgently needs new revenues to pay debts such as what is owed to the Retirement Fund and to vendors. He elaborated about the $9 million debt to the Retirement Fund that his administration inherited from the previous government. He said this was the result of the law passed in 2022 that increased the government’s contribution to the Retirement Fund without any revenue stream to pay for the increase. Now the government has introduced legislation to amend that law and he prays that the Fono will approve it.
