Post by Kiwi Frontline on Dec 28, 2019 3:23:58 GMT 12
$445,000 IWI MONEY GETS STUCK IN LIMBO
Cash-strapped Wellington iwi Taranaki Whanui has hundreds of thousands of dollars stuck in limbo after a years-old property deal went bad.
The money relates to land at 83 Waterloo Quay, near Wellington Railway Station, on which PNBST put a $750,000 deposit to buy under its first-right-of-refusal deal in its Treaty settlement. This deposit was made in 2010, when Sir Ngatata Love was chairman.
The plan was to sell the land to an Auckland-based developer but when the deal did not go ahead it appears the money was not paid back by the developer......
www.stuff.co.nz/dominion-post/news/117919925/445000-iwi-money-gets-stuck-in-limbo
Cash-strapped Wellington iwi Taranaki Whanui has hundreds of thousands of dollars stuck in limbo after a years-old property deal went bad.
The money relates to land at 83 Waterloo Quay, near Wellington Railway Station, on which PNBST put a $750,000 deposit to buy under its first-right-of-refusal deal in its Treaty settlement. This deposit was made in 2010, when Sir Ngatata Love was chairman.
The plan was to sell the land to an Auckland-based developer but when the deal did not go ahead it appears the money was not paid back by the developer......
www.stuff.co.nz/dominion-post/news/117919925/445000-iwi-money-gets-stuck-in-limbo