New Zealand News - NZ - Maori group in Matauri Bay to subdivide: "17.06.2004
Subdividing a little will save the lot for a Far North Maori group faced with losing its traditional tribal land over a $4.5 million debt with a finance company, says Te Tai Tokerau MP Dover Samuels.
Matauri X, which owns 500ha in the Far North on behalf of 430 shareholders, has voted to subdivide 10ha to repay the debt with Bridgecorp.
Mr Samuels, who is the single largest shareholder in Matauri X, said an 'unprecedented' 85 per cent of the shareholders voted to subdivide the land, at Matauri Bay, at a special meeting.
Matauri X bought into the Eternal Springs mineral water company in 2001 after borrowing $2.5 million from Bridgecorp without the approval of shareholders. The venture failed and the debt has escalated with interest.
Bridgecorp has said it would not charge penalty interest on the loan at this stage, but once it did, Matauri X would be up for about $4000 a week."