Friday 18th December 2015 |
Text too small? |
A Ministerial-ordered inquiry into the financial woes of Aupouri Maori Trust Board has cleared the entity of any misdoing, though confirmed its insolvency.
Maori Development Minister Te Ururoa Flavell has directed the trust's board to meet its financial reporting obligations after EY partner Grant Taylor's investigation into the body "found no evidence of fraud or mismanagement," but confirmed it was insolvent, Flavell said in a statement.
He encouraged the board to work closely with Te Runanga Nui o Te Aupouri to address the liabilities and risks identified in the report.
Flavell appointed Taylor in September after launching a ministerial investigation in late August when the Kaitaia-based board stopped providing services and laid off staff, and signalled it faced "challenging financial circumstances".
In January 2012, the Crown and Te AupÅuri signed a deed of settlement, which saw the the iwi awarded $21.04 million for breaches by the Crown under the Treaty of Waitangi. The legislation enabling the settlement passed its third reading in September of this year, which would see the trust board wound up and a new entity established.
In the runanga's 2014-2019 strategic plan, it estimated it would hold $40 million of commercial assets generating annual income of $2 million after the settlement was completed, and set up two subsidiaries to hold the investments: one for fisheries, and one for its other interests.
BusinessDesk.co.nz
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes