Doug Ashbury
Northern News Services

NNSL (May 17/99) - The Nunavut Trust has booked a sparkling 17 per cent return on investments and an $11-million surplus, it was announced.

For fiscal 1998-99, the trust made $31.6 million.

Of the investment funds with assets of more than $100 million invested, one in a hundred could match the trust's rate of return, the trust said.

The trust manages and invests the $1.17-billion land claims settlement paid to the Inuit of Nunavut by the Canadian government until the year 2007.

The $31.6 million more than covers the budget of the trust's beneficiary, Nunavut Tunngavik Inc. which had a $20.6-million budget.

"Over the years, Nunavut Tunngavik Inc. has had to borrow capital from the trust to do its work. We were happy to lend that money. Now that the trust is generating a surplus, we can use it to pay down some of that debt, so that the capital is there to pay for our future generations," Trust Chair Peter Kritaqliluk said.

Nunavut Tunngavik owes the trust about $93 million. A 15-year repayment plan is in place.

Bernadette Tungilik, Nunavut Tunngavik's vice-president, finance, said it is essential the debt repayment plan is followed. She also said the results send a strong message about the financial abilities of the Inuit.

"We're pleased the trust has been able to perform so well for the people of Nunavut," she said.

"The Inuit trustees and political leaders are capable of dealing on equal terms with the modern world of high finance."

The trust is directed by six Inuit trustees. Each regional Inuit association appoints two trustees.

All net taxable earnings of the trust are paid to the designated beneficiaries, Nunavut Tunngavik, and the Nunavut Elders' Pension Trust.