Tainui's $26 million fisheries allocation may be at risk

A falling-out with a partner in Tainui's deep-sea fishing company could scuttle the tribe's $26 million fisheries allocation due this year.

The Maniapoto Maori Trust Board, which with Ngati Raukawa is partner with Waikato-Tainui in Raukura Moana Fisheries (RMFL), said a split in the company could sour negotiations over fisheries boundaries.

A boundary agreement with neighbouring iwi is required for the Waitangi Fisheries Commission to calculate an iwi's share of the $700 million fisheries settlement, due to be allocated on October 1. Tainui is set to receive around $26 million in cash, shares and fishing quota.

Maniapoto and Raukawa are not happy with their 9 per cent share in RMFL. Waikato-Tainui holds 82 per cent.

Maniapoto and Raukawa say they have verbal and written proof of agreement from Tainui to allow them to buy back their original third shareholding at a later date. But Tainui has refused to let them.