About Us  |   Advertise  |   Contact Us  |   Terms & Conditions  |   RSS Feeds
 
Support our sponsors:
sharemarket

Some Maori get a grip - but not all

Friday 15th December 2000

Text too small?
MAORIDOM

By Jock Anderson

Old faces re-invented themselves, some stepped aside, some got the heave, others wouldn't take no for an answer and Donna Hall bounced back.

  • The expected ousting of long-serving Treaty of Waitangi Fisheries Commission (Te Ohu Kai Moana) chairman Sir Tipene O'Regan in August surprised only for how long it took the writing on the wall to dry.

    Mangonui Ngapuhi Shane Jones took the TOKM helm from the Ngai Tahu elder statesman, who also relinquished his South Island tribal corporate posts.

    Clearly miffed but undaunted the wily Sir Tipene retained his seat on the board of New Zealand's biggest fishing company, Sealord, along with another TOKM oustee, international deal wizard Whaimutu Dewes. Sir Tipene stayed on as Sealord chairman following the sale of Brierley Investments' half share in Sealord to TOKM, which already owned the other half share, and Japanese fishing company partner Nissui.

    In a dazzlingly entrepreneurial move the drawn-out $207.75 million deal keeps the Sealord fishing quota in the hands of TOKM, while giving junior partner Nissui access to fish under contract.

  • At TOKM the replacement of long-time commissioners with new blood silenced much of the litigation-happy lobby squabbling over TOKM's model for allocation of quota and assets worth more than $800 million. TOKM last week brought retired High Court judge Sir Rodney Gallen to the fray to mediate between its opponents. Watch for the emergence of a stronger business-driven model that seeks to control fishing assets and safeguard resources while paying cash dividends to Maori stakeholders.

  • On the debt-ridden Tainui front the worst fears exposed by NBR in 1998 were realised. Among ventures to fall over, high-risk MDC Investment Holdings was placed in liquidation and receivership owing about $20 million, forcing the fire-sale of the Warriors rugby league club. Tribal strongman Sir Robert Mahuta fought unsuccessfully through the High Court to retain control over the tribe and its squandered millions.

    The government put a temporary hold on its final $13 million payment under the terms of the $170 million settlement signed in 1995. The money was paid over in November, allowing Tainui to pay HSBC $5 million this month with a $9 million balance to be paid by May 31.

    TOKM subsidiary Moana Pacific stepped in to sponsor last week's prestigious Maori sports awards in the wake of Tainui financial strife.

  • Another grandiose Tainui dream, the stalled purchase of five Hamilton CBD properties at a premium $24 million, was the subject of a 12-week fraud trial in Auckland District Court. A verdict was expected next week. Check the outcome on the NBR website.

  • Part-time High Court judge and Waitangi Tribunal chairman Justice Eddie Durie declined to hear a huge Treaty of Waitangi "umbrella" claim over large parts of the central North Island brought on behalf of about 100 claimants groups by his lawyer wife Donna Hall.


Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.
Bookmark and Share   Printable version
Related News

TRS extends Mega takeover timetable, confirms US$7mln raised
Oji Holdings cleared to acquire CHH Pulp & Paper
QBE Insurance (QBE)
Christchurch City seeks to mop up remaining shares in Lyttelton Port
Pengxin widens NZ farm portfolio, buying 13,800 hectare Lochinver Station
Trade Me property's industry-owned rival says it won't be affected by 'desperate fee cutting'
Xero says on target with accelerated cash burn as it takes on workers
Christchurch considers selling strategic assets stake to fund rebuild
RESEND: NAB's boss Thorburn takes BNZ's Renee Roberts back to Australia
Kathmandu says July cold snap boosted sales, earnings; shares jump

 
Previous News
Bond
News Alerts
Breaking News 
After the Bell (daily) 
Gold News 

Unsubscribe/Update »

RSS feeds »
Twitter »
Facebook »

Most Commented On
  forex centre
cfd centre
options centre
NZX 15 Index
   





© Copyright 2014 MoneyOnline Ltd & Investment Research Group Ltd. All Rights Reserved.