Taranaki tribe Ngati Tama lost all of a $14.5-million Treaty of Waitangi payout it received in 2003 in failed investments. (1) A meeting last weekend attended by about 200 people was given full details of a disastrous string of investments by a seven-member Ngati Tama Development Trust. An emotional Wiremu Matuku of New Plymouth later told the Taranaki Daily News.The biggest single investment was more than $12.5-million with Australian-based computer software company My Virtual Home Ltd, which is in liquidation with no assets. Other investments included $4.39-million with Tu Ere Fishing Ltd, now likely to offer a minimal return, and $1.19-million with property investment company Open Group Ltd which has no current estimated value.
Ngati Tama, a northern Taranaki tribe that listed 1000 members in 2003, had 74,000 acres of land confiscated after the 1860 Taranaki war. The compensation process for confiscated land proved inadequate for Ngati Tama, who supported Te Whiti’s campaign of passive resistance at Parihaka to 1881.
The Native Land Court ruled in 1882 that Ngati Tama did not retain an interest in two large blocks of land north of the confiscation line. The West Coast Commissions finalised the return of some land, and the Sim Commission of 1926-27 recommended an annuity of £5000 to compensate all Taranaki iwi.
A one-off sum of ₤300 pounds was paid to compensate for the loss of property at Parihaka. Compensation was enshrined in the Taranaki Maori Claims Settlement Act 1944, but Ngati Tama maintain they did not agree to it.
If Ngati Tama had just put $14.5-million in the bank at 3.5 percent they would have earned $507,000 a year, which would have totalled $4.56-million over nine years.
Source:
1. Iwi loses most of treaty payout, http://www.stuff.co.nz/business/6753899/Iwi-loses-most-of-Treaty-payout
6 comments:
Whoever gave it (the "tribe"(in nz in the 21st century!)the money should be in jail
Interesting that these same people would take over and run the country. Will there be another payout to offset the loss not unlike SCF ?
Somehow it will all be the fault of the wicked white man again ...
Could any prudent financial advisor really have chosen such unknowns to invest millions in. I guess when you did not have to earn it spending it is no problem. Has anyone looking into the ownership of those companies to see if there were links to the tribal leaders spending the dosh
There would not be a financial advisor of any race who would have selected such no names to invest their millions in. Has any research been done to ensure there was no link between the tribal leaders and the companies. Now wouldn't that be a surprise
I suppose that we will hear shortly that the "tribe" will be lodging another "claim" to compensate them yet again for the ways of the "evil white race" that has taken everything from them and given them nothing !! Ha what a joke this country has become - we are all being conned by racist drivel.
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