The Chairman of the Samoa International Finance Authority (S.I.F.A.), Tuatagaloa Alfred Schwalger has been transferred to chair the Samoa Life Assurance Company. But he says he was forced to move without an explanation. 

Tuatagaloa told the Samoa Observer he has bad been moved from the board of the organisation in charge of Samoa's financial services: 

“No one said anything to me. All I received was a letter saying that I will be transferred to S.L.A.C. to finish my term as Chairman,” he said. 

A recent Cabinet Directive approved last December, appoints Taimalie Ernest Betham as the new Chairman of the S.I.F.A. board. 

The S.I.F.A. board reports to the Minister of Finance, Sili Epa Tuioti.

But board appointments and operations are overseen by the Ministry of Public Enterprises. 

An email to the Ministry of Public Enterprises Minister, Lautafi Selafi Purcell, and Chief Executive Officer, Elita To’oala, was acknowledged but questions were not answered as of press time. 

Tuatagaloa said his term is not finished until October, 2020.

“What can I do,” he said. “I didn’t [asked to be transferred] and they didn’t give me a reason why I have been transferred,” he reiterated. 

Tuatagaloa told the Samoa Observer that he will take up the Chairmanship with the S.L.A.C. 

For the 2018 Financial Year, the S.I.F.A. under Tuatagaloa’s tenure recorded a net profit of $21.8 million for the 2018 financial year.

According to the report, the organisation’s board of directors approved a payment of $15 million to the Government, for the year to 30 June 2018 in accordance with the SIFA Act.

“The directors approved $15 million from the general fund to be paid to the Government for the ending of the year 2018.  The $8.31 million was paid on June 30, 2019 and the balance of $6.68 million to be paid in the new financial year 2019.” 

The annual report revealed that the SIFA recorded an increase of approximately 16.8 per cent in total assets, from $75.4 million in the prior year to $88.2 million for this financial year. These assets are mainly cash and term investments representing 88.4 per cent of total assets. 

The SIFA recorded an increase of revenue of $31.1 million compared to $30.6 million in the previous year.