Actual Loss of Funds by the NG During 2008 Stock Market Crash Presented

The stock market crash in 2008/09 affected investors across the globe.

The Nunatsiavut Government was no exception.

The Nunatsiavut Government’s stock value was decreased by around $20 million when the stock markets crashed.

The actual loss stands at around $3 million.

The figure was presented during a presentation on the Settlement Trust to the Nunatsiavut Assembly Tuesday morning.

The amount of the initial loss decreased as global markets began to recover.

The trustees decided to change investment managers in late 2009.

The Nunatsiavut Government had to take the loss of approximately $3 million when they changed managers.

The decision to change investment managers was made because the trustees were not satisfied with their performance.

The trustees expect to recuperate that loss as the markets continue improve and they begin re-investing.

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