September 19, 2016
Port Nicholson on hunt for developer’s cash
Wellington’s Port Nicholson Block Settlement Trust has an Auckland developer in its sights as it cleans up past financial mismanagement.
The trust has declared its first profit since 2010, booking $54,495 in the year to March 31 on revenue of $3.1 million.
That compares with a $563,763 loss in 2015 on revenue of just $936,987.
Much of the increase came from exercising its rights of first refusal, buying and on-selling surplus crown properties.
Chair Neville Baker says the lifting of name suppression around former chair Sir Ngatata Love’s trial by the Serious Fraud Office has benefited transparency.
Love was last month found guilty of defrauding the Wellington Tenths Trust, which he also chaired, relating to a project involving Tony Gapes of Redwood Group.
Port Nicholson is trying to recover a $750,000 unsecured loan to Redwood, and is looking at other transactions involving payments from developers to Love’s partner Karen Skiffington.
It also says it won’t work with the Wellington Tenths Trust and the Palmerston North reserves trust until there is an independent review of those organisations and any major transactions from 2006 on are audited.
Copyright © 2016, UMA Broadcasting Ltd: www.waateanews.com