Tainui hopes to have no significant debt once it has repaid the $4m still owed to the Hong Kong and Shanghai Bank, according to Tekaumarua (tribal executive) chairman Kingi Porima.
Mr Porima believes there are no outstanding issues that will entail significant debt for the tribe, which has been plagued with a series of debts, disputes and investments gone sour in recent years.
Properties in Auckland and Hamilton have been sold at what he describes "reasonable prices, given the state of the current market" to provide the bulk of the $4m still owed the bank for funding on Australian property developments that did not proceed.
With enough properties sold to provide funding for the payment due at the end of May, Mr Porima believes it may soon be time for the tribe to once again look for investments. "Of course, they will need to be low risk but with a high rate of return," he said.
The tribe's finances could also be affected by a possible penalty and costs from a court case the Ministry of Fisheries has brought against Tainui-owned Raukura Moana Fisheries alleging breach of fishing regulations.
- WAIKATO THIS WEEK
Tainui sees light at end of the tunnel
AdvertisementAdvertise with NZME.