Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Ngati Porou receive fisheries allocation

31 March 2006

Ngati Porou receive fisheries allocation

Ngati Porou is set to receive $36m in fishing quota, shares and cash as its part of the $750m Maori fisheries settlement. Another $9m in quota is expected by the end of the year.

Te Ohu Kai Moana Trustee Ltd approved Ngati Porou’s Mandated Iwi Organisation (MIO) on Tuesday and the asset transfer is expected to be made today. These assets comprise $22.5m worth of shares in New Zealand’s largest fishing company, Aotearoa Fisheries Ltd, $11m (2700T) in quota shares and $1.9m in cash.

Another 1300T of quota, based on coastline, are expected to be allocated once Rongowhakaata and Te Whanau a Apanui achieve their MIO status later this year. Earlier this month, Te Runanga o Ngati Porou received 92 percent support from a postal ballot to establish Te Runanga o Ngati Porou, in conjunction with the Porou Ariki Trust, as the Mandated Iwi Organisation (MIO) for Ngati Porou, and to adopt the trust deed of Porou Ariki Trust.

The trust deed requires the appointment of seven advisory trustees, nominated by the marae of Ngati Porou to give advice on key strategic matters and to enable greater accountability back to the marae and hapu of the area.

Porou Ariki Trust has established an asset holding company, trading as Ngati Porou Seafoods Ltd, which will hold and manage the fisheries assets. Trust chair Apirana Mahuika is delighted the allocation is going ahead.

“After all these years this is now an opportunity for us to move forward and focus on reaping the benefits for Ngati Porou.” He says the runanga was at the forefront to advocate and protect Ngati Porou fisheries interests and rights since the debate on the Waitangi Fisheries Settlement began in 1989.

This included political lobbying, taking costly legal action to the Privy Council and United Nations to protect the rights and interests of iwi, and maintaining ongoing dialogue with Ngati Porou hapu and marae to ensure they were informed of key fisheries developments.

In 2003, the runanga established Ngati Porou Fisheries Ltd (NPFL). Ngati Porou Seafoods Ltd will take over its functions and continue to manage the quota to maximise returns.


© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news