January 26, 2016
Call to keep loss making base
A former executive member of the Port Nicholson Block Settlement says the trust needs to hang on to a former air force base beside Wellington Harbour, despite its failure to generate returns for Taranaki Whanui.
The trust is seeking the agreement of 75 percent of beneficiaries to sell the property, which makes up almost 80 percent of its commercial portfolio, so it can free up cash for other investments that will require less capital to develop.
It blames poor governance by the initial trustees for almost halving the value of the initial settlement.
But Catherine Love says the iwi had to spend a lot up front on investments which will deliver returns in the long term.
She says from its experience redeveloping Athletic Park, the iwi should have learned the benefits of waiting.
" It takes time to find the right proposal and to develop it to a stage where it can be actioned. This proposal is not the right one and the people who are running the board at present seem to have a 'seller' mentality and a very short term vision," says Dr Catherine Love.
There will be an information hui for Taranaki Whanui members tomorrow morning at Waiwhetu Marae in Lower Hutt and Pipitea Marae on Thursday evening, with further hui being organised for Auckland and Nelson.
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