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Ousted iwi business leader Wally Stone has spoken out for the first time in defence of Ngai Tahu Holdings Corporation after its reputation was "smeared" by a secret report.
Leaked documents written by Tony Gray, a senior Te Runanga o Ngai Tahu executive, sought Mr Stone's resignation and outlined serious relationship problems between the parent body - the runanga - and its holding company.
Mr Stone was chief executive of the holding company until Sunday when the runanga board voted him out 11:7 .
But yesterday Mr Stone said the "bottom line" was that results over his two-and-a-half year tenure "should speak for themselves".
Mr Stone turned around Ngai Tahu's fishing company from recording mountainous losses to making best operating results last year and increasing assets by $58 million to take the firm's portfolio to $606.87 million.
Holdings Corporation management and board members were now bearing the brunt of the report which alleged employees deliberately withheld information from the runanga among a litany of "inadequate behaviour".
"I feel for them - their reputations are being smeared."
Mr Stone said while the runanga and the company wanted the best for the tribe, differences in how to get to the end point were obvious.
Sometimes that meant giving advice runanga board members didn't necessarily want to hear - including questioning the iwi's decision to spend $52 million over four years on a cultural centre and tribal headquarters.
"I don't think any Ngai Tahu would begrudge the tribe having a head office. I'm simply saying we're in an economic crisis. No one knows how bad it will get."
However, he accepted that the shareholders had the right to fire him.
"To be honest all directors serve solely at the discretion of the shareholder, so in this case I accept the shareholders view."
In March the tribe will table changes to the structure of Ngai Tahu which the Herald understands will bring the holding company much closer into the decision-making power of the runanga.
A spokesman for runanga chairman Mark Solomon would not comment.
