In an article in “The Press” 29 Oct entitled “Rumblings at Ngai Tahu”
“Sir Tipene O'Regan will be listening hard to the answers. He won't elaborate on his concerns about the "failure of management" surrounding the purchasing of Cook Strait Fishing, other than to say that while strategically sound it was "improperly conducted" and "appallingly executed". "I raised the question as to whether or not these things had been properly examined." He complains that the thorough investigation he was promised has still not arrived. Tront, he says, hasn't pushed hard enough for the answers. Yet the question O'Regan raised at last year's hui has reverberated all year.—“
Sir Tipene’s first made his allegations about the Cook Strait Fishing acquisition at the Hui a Tau in Invercargill in November last year. When he spoke he was flanked by Terry Nicholas and James Daniels both members of TRoNT. This pair continued throughout the year to add fuel to what they thought was a fire. But, always careful to do so in committee. Perpetuating these allegations had the effect of souring TRoNT’s relationship with NTHC.
An independent review, by a merchant bank, with comprehensive terms of reference was started in June.
The results of the enquiry were presented at a TRoNT meeting on the 29th of Oct
The report said the whole acquisition process was properly conducted and nothing untoward happened. Precisely the result expected.
I would hope the following:
- A fulsome apologee by those who made the allegations
- Copies of the banker’s report are given to all those involved the acquisition