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Fund’s off-island portfolio up 15%
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Posted on Sep 29 2000
Despite a reported a net loss of $7 million for the month ending July 31, 2000, the Northern Mariana Islands Retirement Fund off-island portfolio jumped 14.68 percent to a total of $48,921,248 from October-July of Fiscal Year 2000.
So far, the biggest jump of the off-island investment was during the month of March which registered a 21.42 percent increase.
As of July 31, 2000, investment in Asia was valued at $13,369,131. Total assets held by managers as of July 31, 2000 was $382,060,152.
This developed as NMIRF Board Chair Vicente Camacho said he is optimistic that the civil case filed by former Commonwealth Ports Authority Executive Director Carlos Shoda will be resolved soon.
Mr. Camacho admitted that the Fund was not able to hold a hearing which would have allowed Mr. Shoda to present evidence to defend his case due to the absence of legal counsel for the agency.
“We will be addressing that issue soon and schedule a hearing,” he said.
Mr. Shoda has filed a civil case before the Superior Court in connection with the alleged illegal deduction on his retirement benefits.
According to Mr. Shoda, he was denied the opportunity to present evidence pertaining to his retirement benefits. He said he has met all the requirements thus, he should receive all the benefits he’s entitled to.
Mr. Shoda, who retired in December 1997, was informed by NMIRF that his retirement benefits will be adjusted effective April 30,2000 because he was overpaid in the total amount of $19,851.43.
