MPLT Board Chairman Alvaro A. Santos told Variety last Tuesday, “We lost $226,000 and we were able to recover $50,000.”
He also said the MPLT lost a total of $7 million in 2008 due to the financial crisis and they would have lost much more if they stuck with investing more in equities than in fixed income.
MPLT was among those institutions who invested in Enron and lost investments due to fraud.
Variety learned that the MPLT joined in a class action suit by Great Lakes Advisor that successfully obtained a $7.3 billion settlement from Enron — the largest in securities class action history.
Variety reported months back that the agency had approved of hiring the services of Robbins, Geller, Rudman & Dowd LLP to monitor the portfolio for MPLT, a safeguard to insulate the agency’s investments from the likes of Enron.
The Marianas Public Land Trust is the NMI’s agency tasked to hold and invest proceeds from public land leases, including proceeds from the lease of 7,203 hectares of Tinian public lands and 72 hectares of Tanapag Harbor and Farallon de Mendenilla.
