I have had a clarification on the details I blogged earlier regarding Te Uri o Hau that sold 230 hectares of their 616 hectare forest at Te Arai beach, near Mangawhai, to American financier and golf enthusiast Ric Kayne.
Hi Cameron, just re: your post on Te Uri o Hau and Te Arai, the point about that land was that the hapu wasn’t given the land back in its settlement – it purchased it as part of its settlement. The key points of that bit of land are:
- This land was not a ‘cultural asset’ (Treaty settlement jargon, sorry). The 616 hectares is a low value pine forest which was purchased by Te Uri o Hau as a commercial asset for economic redress in its 2002 Treaty settlement. It was purchased with the explicit intention of developing it and on-selling it.
- Te Uri o Hau manages all its commercial assets (whatever those assets might be) in a way which delivers the highest economic value back to the hapu and, ultimately, to its beneficiaries. That is what is happening in terms of its ongoing interests at Te Arai.
That makes much more sense that what was reported by the MSM. In those regards it seems that the Trustees are acting very prudently and in a proper commercial manner, something this blog supports wholeheartedly.