Tuesday, April 17, 2012

Iwi conned again

biggest single investment was more than $12.5m with Australian-based computer software company My Virtual Home Ltd.

The company is in liquidation and with no assets.

Other major investments included $4.39m with Tu Ere Fishing Ltd which is now likely to offer only a very minimal return, and $1.19m with property investment company Open Group Ltd which now has no current estimated value

The loss means Taranaki's most northern iwi, Ngati Tama, has shed all of a $14.5m Treaty of Waitangi payout it received in 2003

But everything's OK folks. The trustees have been replaced and there's a couple of dollars left for the tribal elite. One suspected this might happen at some time.

What next? Maybe those duplicitous colonials will soon give them a treaty top up, or better still, they might be able to apply for yet another 'full and final' settlement.

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