Sunday, October 19, 2014
Mike Butler: Forestry trust’s vanishing $1m
The Maori Land Court appointed seven people in 2009 to replace the Maori Trustee as responsible trustees for a 500ha plantation forestry block in Parengarenga, according to a reserved judgment by Judge David Ambler.
The Maori Trustee transferred $1,090,000 into its accounts in September 2012.
Court documents show that between September 2012 and September this year the trust paid more than $200,000 to the Stephen Henry Whanau Trust - of which Stephen Henare and his daughter, Stephanie Henry, are trustees.
More than $100,000 was paid to Patrick and Margaret Dixon and in excess of $183,000 to SJ Henry and SJ Henare - understood to be Mr Henare or his daughter. A further $100,000 went to The Bear Legacy Company Limited - in which Mr Henare has a 10 per cent shareholding.
The court documents said that the trust's bank accounts were left with $5.76, $2.67 and $4.98 - a total of $13.41.
Judge Ambler removed the four people from the trust in August, required them to deliver the documents and assets of the trust to the remaining trustees, and froze the bank accounts of Stephen Henare, Margaret Dixon and Stephanie Henare up to a maximum of $1-million.
Meanwhile in Gisborne, a former Maori trust chief executive who was found guilty of dishonestly using her organisation's credit card to obtain about $15,000 this week had her sentencing adjourned in a bid for discharge without conviction.
Te Hemoata Dawn Pomana, 59, the former CEO of Ngai Tamanuhiri Whanui at Muriwai, south of Gisborne, was found guilty of using a trust credit card to make 93 separate cash withdrawals totalling $15,440, between December 26, 2010 and September 15, 2011.
Earlier, “bad investments and bailouts” wiped almost half the value off Taupo tribe Tuwharetoa’s $66-million share of the “Treelord’s” treaty settlement by May 2013. And about a year earlier, Taranaki's Ngati Tama tribe reported it lost its $14.5-million payout it received in 2003, also in “bad investments”.
Maori trust's $1 million is now $15, http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11342473
Former trust CEO seeks discharge for taking $15k, http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11342309
Bailouts, bad ventures halve Treelord cash, http://www.stuff.co.nz/national/8733676/Bailouts-bad-ventures-halve-Treelord-cash
Iwi loses most of treaty payout, http://www.stuff.co.nz/business/6753899/Iwi-loses-most-of-Treaty-payout
at 10:05 AM