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Content copyright Date 2010 . Edward R Churton. All rights reserved.
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Contact eddie@pnbst.net ------- Blog
Content copyright Date 2010 . Edward R Churton. All rights reserved.
Web Site Powered by Byoweb.com
Some Taranaki Whanui concerned over Settlement Entity
There is growing concern within Taranaki Whanui (Wellington Atiawa Maori) at the capacity and performance of the Port Nicholson Block Settlement Trust (PNBST), an entity created to receive and manage Treaty settlement package just two years ago. A media statement wash just released which details the areas of concern as they relate to the PNBST’s annual report 2011 and include the following
PNBST’s net cash reserves reduced by more than $4m in the last year
From a $24.7m initial cash settlement, the PNBST’s cash holdings have now reduced to $6.9m, along with the trust having bank borrowings of $5m
PNBST recorded a $3m after tax loss for the past year (should this rate of loss continue, the trust’s entire settlement asset will be depleted in 9 years)
During the past year it had to borrow a further $3.7m to fund operations, yet total investments only increased by $0.7m
Gross rental income equated to a yield of 2.3% on investment property
The annual report states that since 31 March 2011 the trust has guaranteed a $3m bank loan taken out by the Wharewaka o Poneke Charitable Trust.................
See the full story below.
PNBST’s net cash reserves reduced by more than $4m in the last year
From a $24.7m initial cash settlement, the PNBST’s cash holdings have now reduced to $6.9m, along with the trust having bank borrowings of $5m
PNBST recorded a $3m after tax loss for the past year (should this rate of loss continue, the trust’s entire settlement asset will be depleted in 9 years)
During the past year it had to borrow a further $3.7m to fund operations, yet total investments only increased by $0.7m
Gross rental income equated to a yield of 2.3% on investment property
The annual report states that since 31 March 2011 the trust has guaranteed a $3m bank loan taken out by the Wharewaka o Poneke Charitable Trust.................
See the full story below.
Not Registered! Contact
PNBST Head Office
PNBST Head Office
Freephone: 0800 7678642
(this number is accessible from overseas)
Email: reception@portnicholson.org.nz
Telephone: 04 4723872
(from overseas 0064 4 4723872)
Facsimile: 04 4723874
Physical Address: Railway Station Social Hall,
55 WaterlooQuay, Wellington
Postal Address: Freepost 166974
(no stamp needed), P O
Box 12164, Thorndon, Wellington 6144
(this number is accessible from overseas)
Email: reception@portnicholson.org.nz
Telephone: 04 4723872
(from overseas 0064 4 4723872)
Facsimile: 04 4723874
Physical Address: Railway Station Social Hall,
55 WaterlooQuay, Wellington
Postal Address: Freepost 166974
(no stamp needed), P O
Box 12164, Thorndon, Wellington 6144
