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
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10608502
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
Gee Richard your really going to the bottom of the barrel now, maybe Tipene was involved but I am sure the troubles that HOF are having now was not done on purpose as wouldn’t be the case for any company. We won’t mention the screwed up dealing the Holding Corp did when you were on the board…yeah they were real assetts to the tribe.
Or are you concerned that there are changes happening on the top table can you foresee that Mark’s rain is nearly at an end, watch this space!!!!!
I guess that Tipene does like to blow his own trumpet quite loudly. However he was only one little member on the Hanover Board, and I guess at the time they thought that it was a sound investment. I mustn’t have heard of the upcoming recession at the time, though given the size of the company it probably should have, and tightened their belts instead.
Anyway I’m sure that if it was a shady investment all the members who had made the decision will be thoroughly investigated even if they resigned latter. (Note at this stage I haven’t read the article, I may come back later and change this once I’ve read it)
I’m not sure how Mark got drawn into the topic though I guess if you have Tipene, you have to bring Mark in. The old and the new. Not too sure they would like the partnering up too much. It’s as if they were the Fred and Ginger of Ngai Tahu, dancing around in people’s minds, forever linked. I think not.
Back to the topic, sometimes people do silly things. It doesn’t make them bad. Hopefully anyway. Steve may like to take his cut in something but I really would hate to think he had gone beyond redemption for a dollar.