Some $224,000 of the Marianas Public Land Trust\u2019s money that\u2019s invested in a Russian banking and financial services company is frozen due to sanctions imposed by the U.S. Department of Treasury as a result of Russia\u2019s invasion of Ukraine.<\/p>\n
In his administrative report last March 1 submitted to Gov. Arnold I. Palacios, MPLT trustees chair Vianney B. Hocog disclosed that MPLT has $224,408 invested with Sberbank of Russia through WCM Investment Management LLC, MPLT\u2019s non-U.S. equity manager. This amount, however, remain frozen as a result of sanctions imposed by the U.S. Department of Treasury\u2019s Office of Foreign Asset Control against Russia.<\/p>\n
Hocog said frozen are $198,000 and $26,408 for the MPLT\u2019s investment portfolio in the General Fund and American Memorial Park Fund accounts, respectively.<\/p>\n
He said these securities are continuously being monitored by Raymond James, MPLT\u2019s investment consultant.<\/p>\n
Hocog said that in September 2022, the U.S. Department of Treasury\u2019s Office of Foreign Asset Control implemented sanctions on key economic sectors of Russia\u2019s economy.<\/p>\n
As of Jan. 31, 2023, MPLT\u2019s market value of its investments are $94,863,878 for the General Fund account, and $11,237,957 for the American Memorial Park Fund account.<\/p>\n
Hocog said they look forward to the opportunities to meet with Palacios and brief him on MPLT\u2019s investments of public land lease funds.<\/p>\n
Last month, WCM Investment Management LLC operations manager Julianna Jones wrote MPLT to notify it of a sanctioned security that was purchased by WCM in the MPLT\u2019s General Fund and Park Fund accounts.<\/p>\n
Jones said that, due to the ongoing conflict between Russia and Ukraine, the U.S. Department of Treasury Office of Foreign Asset Control implemented sanctions on key sectors of Russia\u2019s economy, including Sberbank of Russia.<\/p>\n
To accommodate this sanctioned holding in the accounts, Sberbank was transferred to an escrow account, also known as a segregated account, Jones said.<\/p>\n
She said the accounts still have rights to their shares of Sberbank, should it be removed from the sanctioned list and the shares become tradable in the future.<\/p>\n
Jones said WCM is actively monitoring the situations and will continue to act in the MPLT accounts\u2019 best interests.<\/p>\n","protected":false},"excerpt":{"rendered":"
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