Aupouri Maori Trust Board insolvent, but not fraudulent, inquiry finds
Maori Development Minister Te Ururoa Flavell has directed the trust's board to meet its financial reporting obligations.
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, Mr Flavell says.
He is encouraging the board to work closely with Te Runanga Nui o Te Aupouri to address the liabilities and risks identified in the report.
Mr Flavell appointed Mr 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 Aupōuri signed a deed of settlement, which awarded the iwi $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. Under it he trust board will be 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. The runanga will set up two subsidiaries to hold the investments: one for fisheries, and one for its other interests.
(BusinessDesk)
Paul McBeth
Fri, 18 Dec 2015
Fri, 18 Dec 2015
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Aupouri Maori Trust Board insolvent, but not fraudulent, inquiry finds
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