The Central Bank of Samoa has bought the six-acre property at Ululoloa that once belonged to Polynesian Airlines for $3.5 million.
The transaction was confirmed by the Corporate Manager of the Samoa National Provident Fund (S.N.P.F), Tagaloasa Uili Matafeo.
The ownership of the land had apparently been transferred from the Airline to S.N.P.F several years ago.
| “These profits help fund [the] bonuses,” he said about the dividends paid to contributors every year. |
The agreement to transfer the property to the S.N.P.F, according to Tagaloasa, was made during the time of former and the late Prime Minister, Tofilau Eti Alesana.
It was when the airline was making losses and heavy in debt.
Now, Tagaloasa said the S.N.P.F has decided to sell the land so that the money can be invested into the Fund.
He added that the “S.N.P.F. has many properties” in Samoa and elsewhere.
“These profits help fund [the] bonuses,” he said about the dividends paid to contributors every year.
An attempt to get a comment from Governor of the Central Bank of Samoa, Maiava Atalina Enari, was unsuccessful.
A staff member of the Bank who answered the phone said she was overseas.
<!-- ads-articles(24.03.14) -->
<ins class="adsbygoogle"
style="display:inline-block;width:336px;height:280px"
data-ad-client="ca-pub-9419815128221199"
data-ad-slot="2395638412"></ins>
<script>
(adsbygoogle = window.adsbygoogle || []).push({});
</script>{/googleAds}