17 Mar 2014

Warning for Genesis investors

6:25 pm on 17 March 2014

A Lake Waikaremoana tribal groups wants to ensure potential Genesis Energy investors know it has an interest in the lake and a pending claim before the Waitangi Tribunal.

The Government is partially selling the state-owned power generator, which operates three hydro stations as part of the Waikaremoana hydro scheme.

Ngati Ruapani Waikaremoana has been successful in getting an urgent tribunal hearing, and spokesperson Vern Winitana says it wants a pre-treaty settlement to cover the use and right of their lands.

It doesn't want its rights as owners of the lake bed and its waters lessened in any way by the Genesis sale, and that could potentially mean a form of co-management with the company, he says.

The tribe has no intention of interfering with the power generation on the Waikaremoana hydro scheme but potential investors must be aware of their interest before they commit to buying shares in the company, Mr Winitana says.