Decision looms on tribal land sell-off

A Far North Maori group could decide this week on a final plan to subdivide tribal land to prevent it being sold to repay a $4.5 million debt.

Matauri X, which owns 500ha of land in the Far North on behalf of 430 shareholders, has voted to subdivide 10ha to repay a $4.5 million debt with finance company Bridgecorp.

Matauri X bought into the Eternal Springs mineral water company in 2001 after borrowing $2.5 million without the approval of shareholders.

The trust faced the prospect of having to sell some or all of its tribal block of prime coastal land at Matauri Bay to repay the debt after the venture failed.

The Maori Land Court is investigating Matauri X's committee of management over the deal.

Matauri X's court-appointed administrator, Kevin Gillespie, said shareholders would meet on Saturday to go over final plans for the subdivision.

Mr Gillespie said it was hoped that a resource consent application could be lodged soon after the meeting.

The subdivision would include between 70 and 100 sections of about 800sq m. The sections would be on a leasehold basis of between 70 and 100 years, and would be just back from the beach overlooking Matauri Bay.

- NZPA