Tuwharetoa delays special meeting
|25 Aug 2014 15:00 PM|
Tuwharetoa Settlement Trust has put off a special meeting to discuss progress on cleaning up a financial mess left by past trustees.
Chair Dylan Tahau apologised for cancelling Saturday’s hui and trustees will now report back as part of the annual meeting in December.
The trustees instigated a financial review after it emerged that some of the $66 million that came to the trust as part of its share of the Treelord forestry settlement wasn’t treated as capital, but was distributed in grants and other tribal support or used for high risk investment.
Trust general manager Temuera Hall last month told beneficiaries $9 million was lost and $11 million overspent.
Once money held for hapu had been distributed, the trust had been left with $16 million in capital.
Mr Tahau says the trust will now engage kanohi ki te kanohi with the parties identified in the review.Copyright © 2014, UMA Broadcasting Ltd