Ngati Hine - which the Maori Appellate Court this year ruled had the right to withdraw from Te Runanga-a-iwi o Ngapuhi charitable trust - is questioning the runanga's financial performance.
The queries have come after a net profit of $6.7million and growth in assets from $43 million to $50million were reported at the runanga's annual meeting last month.
A Ngati Hine leader, Pita Tipene - recently appointed Tai Tokerau representative with the Federation of Maori Authorities - yesterday said the fisheries settlement the runanga had been set up to administer had been worth $67million in 2004 and it didn't add up that those assets were now worth $50million.
He also said much of the runanga profit came from tax credits arising from a bonus issue of Aotearoa Fisheries shares and a $2.8million reimbursement by the Crown for the cost of setting up Te Ropu o Tuhoronuku to seek a mandate to settle Ngapuhi Treaty of Waitangi grievance claims.
"How is $2.8million spent last year and reimbursed this year now an increase in assets?" Mr Tipene asked. "And if most of the supposed profit is just a lucky windfall tax credit for a bonus share issue, how do we get a measure of the real performance of our asset holding company for our fisheries trust?"