September 06, 2016
Tenths feeling Love backlash
Wellington Tenths beneficiaries have asked what the trust is doing to claw back money taken by former chair Sir Ngatata Love.
The 78-year-old former business professor was last week found guilty in the High Court of obtaining by deception $1.5 million of a $3 million fee paid by a developer for the right to lease a property at Pipitea Street near parliament.
That set the scene for uncomfortable questions at the trust’s annual meeting on Saturday.
The trust made a $3.5 million profit, more than $2 million up on the previous year.
Net assets were $46 million, a $3 million increase on 2015.
Much of the increase came from renegotiating Love’s Pipitea House deal, doubling to 50 percent the trust’s equity in what’s now the home of the Government Communications Security Bureau.
Other assets include a retirement village at the former Athletic Park, the former Dominion Museum now leased to Massey University, and a financial interest in the Wharewaka on the Wellington waterfront near Te Papa.
There are just over 6400 shareholders descended from Te Atiawa, Ngati Tama, Taranaki, and Ngati Ruanui tupuna living in the rohe in 1839.
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