Mike Butler: Forestry trust’s vanishing $1m

The Far North Parengarenga 3G Trust that received more than $1-million two years ago now has $13.41 in the bank after allegations that trustees paid themselves $600,000 and with a further $400,000 unaccounted for.

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.