Kingfish farm takes $7m king hit

A Maori kingfish farm near Te Kao in the far north has closed with debts of over $7 million.

Parengarenga Fishfarms Limited was hailed as a model example of Maori economic development i when it was launched two years ago.

But Parengarenga Incorporation chairman Winiata Brown has told shareholders lack of capital and design problems with Danish technology used meant the venture had to close.

Shareholder John Yates says shareholders will have some tough questions for directors about the venture's management, and whether anything can be salvaged.

IN: Well where to form here is the question that needs to be addressed. There is a facility there, and just because it hasn't worked with one species doesn't mean it can't work with another," Yates said.

John Yates. A meeting for shareholders of the fish farm's parent company is being held at Te Kao's Potahi Marae tomorrow to discuss the way forward.

HARAWIRA BACXKS TAMIHERE FOR WEST AUCKLAND JOB

They may have been political rivals six months ago, but now Taitokerau MP Hone Harawira is endorsing John Tamihere's return to Te Whanau O Waipareira.

Mr Tamihere last night won endorsement from a special meeting of the West Auckland trust for his attempt to salvage the finances of the trust, which has been running multi-million dollar losses.

Mr Harawira says even though there has been some opposition to Mr Tamihere's return as acting chief executive, he is the right man for the job.


THROAT SLITTING HAKA DEFENDED


Haka composer and performer Paora Sharples says the Rugby Union should persist with the new All Black haka.

The NZRFU has told the team not to use the haka , Kapa O Pango, because of concerns over a gesture which simulates cutting the throat of the opposition.

Mr Sharples says the haka hypes up the playes and they are obviously proud to perform it, so the union should support the team, rather than bow to criticism from non-Maori.

PARENGARENGA FISHFARM CLOSURE INEVITABLE

The managing director of the failed Parengarenga kingfish farm, John Ellis, says the best thing to do is shut down the operation as soon as possible.

The majority shareholder, the Parengarenga Incorporation, has pulled the plug on the three year old venture and is taking over more than $7 million in accumulated debt.

Mr Ellis says it costs about $3000 a day to run the farm on the shores of the Parengarenga Harbour in the far north.

He says the situation will be explained to shareholders at a hui at Potahi Marae in Te Kao tomorrow.

IN: Basically we can't continue operating at the costs we have. The only way to save money ios close the door. We are talking to people who might invest, but they know the situation we are in and are holding off until they can get it for bottom dollar."

Mr Ellis says he is trying to find buyers for the remaining 50,000 fish, as the fisheries ministry says they can't be released into the sea.


WHANAU COMMITTEE START OF WAIPAREIRA REBUILDING

Waipareira Trust acting chief executive John Tamihere says reinstating the whanau committee is an important step to rebuilding the troubled West Auckland social services provider.

The committee was reformed at a five hour hui last night at Hoani Waititi Marae, which heard that financial reporting over the past four years has not been an accurate reflection of the trust's situation.

Mr Tamihere says Waipareira grew out of its whanau committee, and it will serve as the first line of communicaiton between the trust and the community.

He says the board has instigated other measures to improve transparency and acountability.

"We now must take our kasumatua with us when we go anywhere, so more eyes, more ears, more information, more education, can't go wrong. We have reinstalled things which should work well for the whanau going forward.," Tamihere said.

Last night's special meeting gave the Waipareira board five months to sort out problems which have led to mounting debts, redundancies and the sale of valuable assets.