Ngai Tahu's AGM – Hui-a Tau, is to take place at Oraka Aparima, a beautiful place on the south coast. As happens- its almost a ritual- Tipene O'Regan- a former leader of the tribe will, express his opinions on the financial state of the iwi. It is normally a diatribe of how, he, Tipene, could have done better. He, Tipene, spat dumpy in 2000 when he was not getting his way on the NTHC Board- because the NTHC had Directors that were so more experienced and competent than he was.
My point? See the latest report on Hanover Finance
Tipene was a Director of HF until he resigned- quite swiftly, I suspect, in Oct 08. He was also, I gather, Chair of the NF audit committee and granted the shareholders of NF, Hotchins and Watson, $70ml, in an inter-company transaction in July 08.
Then, later, NF said they could not pay their investors – the Mum and Dads of NZ who had committed their retirement savings.
Yet H&W are sitting very well and Tipene, was, in my view, a contributor to H&W wealth ; do your own research if you think I am telling fibs.
A moritorium was negotiated with investors. The result is as you see above; I suspect it it could be quite worse in terms of what investors get back.
I do hope that no NT shareholders have lost money in Hanover
Lesson: Do not rely on Tipene's advice on trbal investments