TOKM hands dividend to iwi
|28 Mar 2019 13:51 PM|
Māori fisheries settlement trust Te Ohu Kaimoana will give up the dividend it receives from Moana Fisheries and pass it on to iwi on a population basis.
Chair Jamie Tuuta says it acknowledges the 10-year statutory review of fisheries settlement structures, which proposed the 20 percent of income shares the trust holds in the pan-Māori fishing company will be handed over to iwi.
This year that share will be about $1.7 million of the total $8.6 million dividend.
It means Te Ohu Kaimana will have to run all its activities from what it can earn from its accumulated reserves.
The proposed changes are on hold because New Zealand First has indicated it will not support the necessary changes to the Māori Fisheries Act.
Mr Tuuta says because Te Ohu Kaimoana is a charity, the iwi entities that receive the dividend also need to be charities.
A special general meeting will be held mid-year to approve any necessary changes.
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