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An advisor called in after Taranaki iwi Ngati Tama lost its treaty settlement says it’s time to clean out the board.
Richard Batley says his advisory panel has managed to pay off debts and secure almost $2 million in income-generating assets, after the settlement trust's board blew the tribe’s $14.5 million treaty settlement on high risk investments that went bad.
But he says he has stepped away because former chief executive Greg White and chief deal-maker has re-emerged.
He says the board won’t face up to its failure to protect the tribe’s assets for future generations.
"They had very short term goals. They invested in very high risk ventures. It was as if it was their money and completely lost the custodial responsibilities of being a trustee," Mr Batley says.
He says it will be a long road back for Ngati Tama, but it needs a fresh set of people who aren’t tainted by past misjudgements.
Copyright © 2013, UMA Broadcasting Ltd
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