Are there times when you find yourself going, "WHAT? ARE YOU FOR REAL?". This is one of them, for me.
The people of Ngati Tama deserve an apology from the two men who led the iwi down a path to financial failure, says a board member who resigned.
(an IWI can best be described as a tribe, though many will object to the inference of tribalism in the use of the word TRIBE).
Last night 85-year-old Te Aramau Lake became the first Ngati Tama board of trustees member to speak to the media about how the iwi managed to lose nearly $20 million in failed investments.
Mr Lake, who has been on the Ngati Tama board of trustees since its inception in 2003, said an apology was in order from chairman of the board Stephen White and his son and chief executive, Greg White.
"Nobody has said sorry as yet," Mr Lake said.
The Taranaki Daily News has been unable to contact Greg White despite numerous attempts since a hui on Saturday at Pukearuhe Marae where members heard about how virtually all of the iwi's 2003 Treaty of Waitangi payout of $14.5m had been lost in high-risk investments.
(Hui (Māori assembly))
Stephen White had failed to acknowledge the devastating circumstances the iwi was in, Mr Lake said. "The chairman of the board wouldn't admit there was a loss. There was no sign of compassion or whatever."
During the hui, Mr Lake and fellow board member Peter White resigned from their positions because they felt it was time to see fresh faces on the board, Mr Lake said.
Greg White also resigned as chief executive after coming under pressure from the advisory board which is now investigating Ngati Tama's financial collapse, Mr Lake said.
Mr White was initially elected into the position of chief executive largely through a dynasty process, Mr Lake said.
(Even Google doesn't know what a "dynasty process" is)
Mr White previously worked as a freezing worker, wharfie and roofer, and lacked the experience required for a chief executive role, Mr Lake said. (Does anyone else feel like shrieking, "No shit, Sherlock?") Mr White often proved elusive during his time as chief executive. "We had a hell of a job tracking him down when he was our manager," Mr Lake said.
The last Mr Lake knew, Mr White's chief executive salary was $70,000 but that might have climbed in recent years.
Records on file at the Companies Office show Ngati Tama had shares in an unusual mix of companies including the Eel Enhancement Company, Original Pipe Traders, Open Group, Ikatuna and My Virtual Home, which is now in liquidation costing the tribe more than $12.5m.
(My mouth is still hanging open here. Seriously, the Eel Enhancement Company?
Bugger me, they really exist.
Who knew eels needed enhancing? )
Ngati Tama was also a sole shareholder in Ikatuna which had stakes in Septic Solutions Taranaki and Tu'Ere Fishing. Greg White had involvement as a director in four of the companies.
(and nobody went on coys.co.nz to check this? On the all-your-eggs-in-one-basket basis?)
Mr Lake said the board was too lenient at times in allowing iwi money to be invested.
(Oh, you think?)
"I think we have to take some blame on that.
"There were things done and said where we never really had a handle on it at all."
Attorney-General Chris Finlayson said it was a very sad situation Ngati Tama were in.
The Crown left iwi to shape their own destiny following any settlement payment, Mr Finlayson said.
"Any ongoing involvement of the Crown in iwi decision-making is a return to a very paternalistic period in our past.
"It also undermines the concept of full and final settlement, by suggesting the Crown has an ongoing role as guarantor," Mr Finlayson said.
(Wow. Can I have 14 million to blow? I promise to apologise afterwards.)
Seriously, I can’t understand how a board of grown men who elected a totally unqualified CEO via a process unknown to anyone else and then gave him licence to invest over $14 million of Crown money in companies in which he had a principal shareholding can be surprised by the fact that the money is gone, Dave, all gone. And all they seek is an apology. Also, how did $14 million turn into $20 million? And I still want to know how you enhance eels.
Gone, Dave.
No comments:
Post a Comment