Things to learn from the FAST savings account stalemate
The Fa’atuatua ile Atua Samoa ua Tasi (FAST) is in quite a predicament. The expulsion of party members who were on the executive board and signatories has not fared well for the party. With election dates nearing, the party may have to head to the court to get its money.
Samoa Commercial Bank has told FAST to seek a court order to sort out the next course of action for the money in their savings account. The signatories are not agreeing on how the funds should be split. The FAST savings account holds money collected in the party's fundraising world tour. Managing Director of the Samoa Commercial Bank, Lemalu Ray Ah Liki, made the bank’s position clear in a letter on 30 May 2025 to the political party.
The divided political party’s financial fallout resulted in the expulsion of six cabinet ministers, including those on the FAST executive board. The funds were raised during the party’s world tour, deposited into a savings account and subsequently used to settle a $803,500 overdraft at the local bank. The current balance of the savings account is over $200,000, but neither faction of the party can act on the balance unless the signatories come into an agreement on the next move.
The FAST treasurer at the time of setting up the account was Leatinuu Wayne So’oialo, who is a signatory to the savings with La’auli Leuatea Schmidt. According to the SCB Managing Director, the mandate of the account requires both signatures, and bank policies prohibit the operation of the account until both signatories agree on a certain transaction. He added that to move forward with the request to split the funds amongst the FAST members, Lemalu advised the two signatories to agree on the transaction.
A predicament that can only be solved if the former government members sit down and talk it out. For the money to be settled out of court, La’auli would have to meet Fiame Naomi Mataafa’s team on how the money can be shared. The question now is, how desperate for the money is FAST, and are the former party members equally in need of the cash? This little conundrum regarding the money is also an indicator that the newly formed Samoa Uniting Party and FAST could never form a coalition, even if their lives depended on it.
What has happened to the money FAST had raised after the world tour? On 2 June, there was a function at Maota Samoa, for which the party did not participate in the Independence Day celebrations. Before that, the Samoa International Seventh Day Adventist Church (SISDAC) gave the party $200,000 and there have been businesses giving $20,000 and $10,000 to the party. The funds of the party do not seem to be well managed. Can public funds be trusted with the party if they return as the next government?
It is also shocking how former members of parliament, within the FAST rank and also in other parties, are quickly disbursing the district council grants to go directly to the people. It may look like assistance, but from the outside looking in, it is just another election campaign.
FAST leader Laauli is adamant that the money in the savings account cannot be shared equally because their side’s contribution, most importantly his, has been greater than others. He said he put up his properties as security for the overdraft; therefore, he deserves more. Hasn’t La’auli also been paid for the use of his premises for the party’s use, and it seems that the current usage will also be billed?
The money collected on the world tour was donations from Samoans living overseas, most of whom do not even vote in the general elections but strongly support the party. When this tour happened, the nation was left with a situation where only four cabinet ministers were on the island. There were government staff who had accompanied party members, and most even pocketed envelopes of money given as a gift. After all that, the party itself did not declare how much money was earned. It was the newspaper that revealed that more than a million was raised.
It is also a wonder if the SUP members, formerly of FAST, are truly driving a point or just making the most of the situation, as they have some control over their former friends. If the matter does go to court, SUP is most likely to defend their demands.
An old idiom states that money is the root of all evil, and another says, a fool and his money are soon parted. Both may apply to this situation.