Tūwharetoa focused on building strong future for iwi

Tūwharetoa focused on building strong future for iwi

Thursday, 31 May 2013

Media statement: Tūwharetoa Settlement Trust

Tūwharetoa Settlement Trust is committed to protecting and growing the assets of Ngāti Tūwharetoa for the generations to come, said Rakeipoho Taiaroa, Tūwharetoa Settlement Trust Chairman.

The Trust has today responded to media coverage that claims it has lost $29 million. Mr Taiaroa said that figure was inaccurate and includes divestments the Trust was required to make as part of the 2008 Central North Island Forestry Settlement.

Mr Taiaroa said that while the Trust faces some challenges, there are exciting opportunities ahead for the iwi.

“Tūwharetoa Settlement Trust is focused on looking after and building the assets of our people. We take these responsibilities seriously and we are committed to being open and transparent.

“We now have a strong and experienced group of people leading the Trust, as we move into a new phase,” said Mr Taiaroa.

The new Trustees were elected in January this year and have responsibility for managing the assets, land and financial interests, which were gained through the 2008 CNI Settlement.

On 18 May, the Trust held a Special General Meeting to explain its current financial position to its beneficiaries.

“The first task that the Trustees undertook was to have an independent review done of the Trust’s books. We now have a clearer understanding of our current position and what’s needed to move forward,” said Mr Taiaroa.

The Trust expects to make an operating profit for the current financial year, which it will update beneficiaries on at the Annual General Meeting later in the year.

ENDS

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