The Waitangi Fisheries Commission, charged with guarding Maori fishing assets, has lost $11.7 million in foreign exchange dealings.
Foreign exchange contracts held by its subsidiaries have been reviewed after a huge loss - not made public - on an investment portfolio last year, the Press newspaper reported yesterday.
At one stage, the commission faced a near-$40 million loss.
Labour MP John Tamihere said the loss rated "just a footnote" in the commission's annual report, and more public accountability was urgently needed.
"Just because you're Maori ... doesn't mean you should have a different form of public reportage," the Hauraki MP said.
Mr Tamihere said he wanted a select committee inquiry into the commission's management of its $700 million fisheries assets, resulting from a Treaty of Waitangi fisheries claim.
The annual report said Moana Pacific Fisheries, a majority-owned subsidiary, had held "an unfavourable foreign exchange portfolio," and it noted "abnormal items relating to revaluation of foreign currency loans." Figures were not given.
The commission's chief executive, Robin Hapi, said many of the group's subsidiaries took foreign exchange cover to protect against fluctuations in the dollar.
Moana Pacific, a $100 million-a-year business, had suffered the greatest losses. "We certainly did lose money," Mr Hapi said, "and it was primarily because of foreign exchange variations."
- NZPA
Millions lost to Maori fishing
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