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Location: Auckland, New Zealand

Monday, October 16, 2006

TOKM defends Aotearoa valuation

Te Ohu Kaimoana Trust has moved quickly to counter Ngapuhi's aggressive write down of the value of its Maori fisheries settlement assets.

In its annual accounts, the northern tribe has valued its eighth share in pan-Maori fishing company Aotearoa Fisheries at less than $5 million, $40 million less than the value put on it by the Trust.

Te Ohu Kaimoana chief executive Peter Douglas says because the assets have been held in trust for iwi, they should be entered on the books as equity at fair value.

“There's an implication with fair value that there’s a willing seller and a willing buyer. In the case of the assets being valued at $5 million for instance instead of $45 million, that would suggest there is someone willing to sell them at $5 million and someone willing to buy them. Well there would be plenty of people willing to buy them, but not many wanting to sell them,” Douglas said.

Peter Douglas says Te Ohu Kaimonana has received advice on how to value the shares from accountants Ernst and Young, and it is getting an independent valuation prepared for the guidance of iwi.

PARIHAKA PLOUGH PROTEST TRIED IN WHANGANUI

In a protest harking back to Parihaka, Maori rights campaigner Ken Mair, has ploughed up a Crown block on the edge of the Wanganui River which has been landbanked for possible use in a treaty settlement.

Mr Mair says the weekend action was to highlight the lack of Maori involvement in management of the land.

He says they deliberately used a form of protest used by Te Whiti O Rongomai and Tohu Kakahi in Taranaki in the 1870s.

“We're plowing up Crown land banked lands or land that should have been land banked. We’re plowing them up and putting them in gardens and we’re going to feed the community but we also challenging the Crown regarding its policies around this surplus land, where they set all the policies and criteria,” Mair said.

TE KU TE WHE GETS REMIX TREATMENT

A remix album of a 1993 landmark recording of traditional Maori instruments has just hit record stores.

The new album named Te Whaiao is a remix edition of the original Te Ku Te Whe album and features some of this country's finest contemporary artists.

Ngati Tuwharetoa songstress Moana Maniapoto says the remix will help take the music of the late composer Hirini Melbourne and instrumentalist Richard Nunns to a wider audience.

“Hirini and Richard top people who really know the breadth and depth of New Zealand music, they’ll be familiar artist, but a lot don’t, because most mainstream radio stations don’t play Maori language music. It will enable their unique sound to be accessible to other people,” Maniapoto said.

Other remixers on Te Whaiao include SJD, Sola Rosa, Salmonella Dub and Rhian Sheehan.

 AOTEAROA VALUATION UNREALISTIC

The chief executive of Maori fisheries settlement trust Te Ohu Kaimoana says Ngapuhi's valuation of its shares in pan-Maori fisheries company Aotearoa Fisheries is unrealistic.

Ngapuhi received just over 12 percent of Aotearoa Fisheries in the last financial year and has entered it in its books at less than $5 million.

Peter Douglas says that is about 90 percent less than the trust valued the company, based on its assets such as deepwater quota and a half share in New Zealand's largest fishing company, Sealord Group.

“Well from what I can understand, that valuation ends up seeing the whole of Aotearoa Fisheries valued at something like $39 million, when we are valuing it at over $300 million, so I am surprised anyone could apply discounts to that extent,” Douglas said.

Peter Douglas says Te Ohu Kaimoana has prepared advice for iwi on how they should treat the Aotearoa Fisheries Shares in their accounts.

KAPA HAKA FIRES SOUTH AUCKLAND COMMUNITY

The Auckland Secondary Schools Kapahaka Competition proved a huge boost for the south Auckland Maori community.

Mahia Nathan, the principal of host school Te Wharekura o Manurewa, says more than 3000 people attended the event at Manurewa Marae to support their teams.

He says there was a high standard of entrants and a positive feeling all around.

First on aggregate was Otara's Te Kura Kaupapa Maori o Piripono, with minor placings going to Nga Puna Waiorea from Western Springs College and Nga Tupuranga from Clover Park Middle School, also in Otara.

TAMAITI PARAONE TURNS 90

Live a good clean life.

That's the advice from Tamati Parone, the former president of the 28 Maori Battalion, who turned 90 over the weekend.

His son, Pita, a New Zealand First MP, says the whanau were honoured to host 450 people at his dad's celebration, held at Otiria marae near Moerewa.

He says it was humbling to see the effort made by his father's second world war comrades.

At least a dozen made the trip, as well as a number of widows of men he fought beside.

“The number of people who turned up to honour our father was a reflection of the commitment he has made in his life to other people,” Paraone said.

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