Close to $1 million loss at Public Trust of Samoa
The Public Trust of Samoa (PTOS) recorded a loss of $968,464 in the last two financial years.
The financial performance of the State-owned entity was outlined in the Public Trust of Samoa (PTOS) Financial Report for 2017, which was submitted to the Parliamentary Finance Committee.
Moves by the Government to “privatize” the entity also came under scrutiny in the financial report.
“The Public Trust Office replied that this proposal has been overturned by Cabinet due to serious cases and the required research, as well as advise from the Office is vital for a firm Government decision.”
The Parliamentary Committee recommended that Government retain the organisation as a public entity, due to its role as the administrator and trustee of estates.
“The Committee strongly recommends the board and management to convince their superior of the importance role of the government in the administration and trusteeship of estates in accordance with the law to protect assets already being registered under the PTO.”
The report revealed that total PTOS funding invested in the United Trust of Samoa (UTOS) as of June 2016 was $5.72 million, which increase to $6.12 million in 2017.
“The increase in UTOS investments was mainly due to the additional units of 191,157 purchased during the financial year valued at 283,563 in contrast to total units purchased of 109,941 with a monetary value of $167,136 in the previous financial year."
“This growth is also due to the increase in the fair value price of $1.54 per unit as at June 30, 2016 to $1.48 as of June 2017.”
In relation to the loans and interest, net loans receivables as of June 2017 amounted to $162,606.
“When compared to net loans receivables for the previous year of $221,182 tala, it is evident that the net value decreased by $58,576 due to loan repayments received during the financial year.
“The reserve doubtful debts of $1.51 million have decreased from $1.61 million in the previous year. The office continues to recover the outstanding amount of loans totaling $1.67 million.”
The report added that the budgeted income for the 12-month period of $730,000 was not achieved.
In relation to the office actual expenditure allocated for this financial year, it was $1.35 million, though only $1 million was utilized “reflecting good controls”.