25 April 2001 Media Statement

Better Value for Maori Soldiers Investment

The Minister of Maori Affairs, the Hon Parekura Horomia is delighted that the Maori Soldiers Trust Fund can earn more from investments of surplus funds held by the Maori Trustee.

Mr Horomia celebrated ANZAC day at Te Rawheoro Marae in Gisborne, where he unveiled a plaque dedicated to the men and women of ANZAC.

The Minister said the Maori Soldiers Trust Act 1957 established an administration and management trust for the benefit of Maori veterans of the First World War. It also established the Sir Apriana Ngata Memorial Scholarship. Funding for the Trust came from the surplus from the Trust's major asset, a 1,693 hectare farm, Hereheretau Station at Wairoa.

Mr Horomia said he has been concerned for some time that the only option available was to invest the surplus (currently around $80,000) in the Maori Trustee's Common Fund. The Common Fund has lower-controlled interest rates, of 3 – 5%.

He said the new law change earlier this month, means the surplus can be put into higher interest rate investments such as bank deposits.

He said this change will enable the Maori Soldiers Trust to grow its resources more effectively, creating better benefits for the beneficiaries of the trust.

ENDS

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