30 Jul 2014

Legal look at Tuwharetoa settlement

7:16 pm on 30 July 2014

The body set up to spend the Tuwharetoa Treaty settlement package has asked lawyers to investigate investment losses and overspending.

The tribe has called a hui in Taupo on Saturday 23 August for descendants to discuss the losses.

Tuwharetoa Settlement Trust has lost $9 million and overspent by $11 million.

One of the investments was into Te Whenua Venture Holdings, a firm which has been struck off by the Companies Office.

Trust General Manager Temuera Hall, said over the past few years more money was paid out than was coming in.

He said the financial losses weren't of a malicious nature, but more as a result of the trust not having a broad enough range of skills and experience in both governance and management.

Descendants attending a special meeting next month will be asked if they support the current trustees in deciding whether to take legal action to recover funds.

But Temuera Hall has signalled Tuwharetoa Settlement Trust would prefer to deal with the problems itself, and not go through the courts.