May 31, 2013
Tūwharetoa explains state of books
The Tūwharetoa Settlement Trust is assuring its people the tribe’s money is safe and it is on track to make an operating profit this year.
Media reports this week claimed the trust had lost $29 million.
Chair Rakeipoho Taiaroa says this was inaccurate.
Under the term of the Central North Island Forestry settlement, the trust had been required to hand over $16 million to hapū in the Tūwharetoa cluster, with another $11 million to go out once mana whenua issues are sorted.
He says the newly-elected board had also got an independent revaluation of its assets so it could get a clean start going forward.
"We’re very fortunate to have new trustees who are very experienced in governance. We have a reputable general manager in place now, Temuera Hall. We look forward to growing the asset and there are some wonderful opportunities that we have been keeping our families up to date with," Mr Taiaroa says.
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