Media release February 12 2016

Shelly Bay sale vote provides good signals for the future

Port Nicholson Block Settlement Trust (PNBST) has not gained the 75% mandate it needed to enable the sale of its land at Wellington’s Shelly Bay.

Of the Taranaki Whānui ki Te Upoko o Te Ika members that the Trust represents, 26% voted after several meetings for its members around the country. That is one of the largest voter turnout the Trust has had since settlement. Anthony Morton from Electionz.com reports 51% voted in favour of the sale.

Neville Baker, Chairman of the Trust, says while the sale didn’t get across the line he is pleased with the number who have been able to understand the necessity for the sale to enable the Trust to recover from financial difficulties surrounding its beginnings.

“While the Serious Fraud Office is still finishing its investigations and responding to its findings and suppression orders remain in place around the matter, it has been extremely difficult to demonstrate with complete transparency the need for the sale of Shelly Bay,” Mr Baker says.

“The timing of the SFO being able to have the matter resolved in the High Court has been unfortunate in respect of the vote. However, we understand that by the end of April this year the High Court may be able to complete its work and the board will be able to share that with members.

“Meanwhile the board has developed a robust financial strategy for the future of PNBST and we are eager to get on with that. The result of the vote may delay immediate action on Shelly Bay, but we will meet and work with interested parties to find an acceptable way forward.”

Jason Fox, PNBST’s CEO, says one important development from the voter turnout is that more of the Trust’s whanau are beginning to comprehend that the sale of development land is a necessity in the growth of the iwi. Just as some of the larger iwi have bought and sold land and other assets, PNBST will re-position itself to grow its wealth.

“We need to do what is best to increase the Trust’s wealth so we can take advantage of the rights available to us, so as to better the lives of our members regardless of past difficulties” Mr Fox says.

Ends

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