“…The people of Ngati Tama deserve an apology from the two men who led the iwi down a path to financial failure, says a board member who resigned.
Last night 85-year-old Te Aramau Lake became the first Ngati Tama board of trustees member to speak to the media about how the iwi managed to lose nearly $20 million in failed investments.
Mr Lake, who has been on the Ngati Tama board of trustees since its inception in 2003 – said an apology was in order from chairman of the board Stephen White and his son and chief executive, Greg White.
“Nobody has said sorry as yet,” Mr Lake said.
The Taranaki Daily News has been unable to contact Greg White despite numerous attempts since a hui on Saturday at Pukearuhe Marae – where members heard about how virtually all of the iwi’s 2003 Treaty of Waitangi payout of $14.5m had been lost in high-risk investments.
Stephen White had failed to acknowledge the devastating circumstances the iwi was in, Mr Lake said.
“The chairman of the board wouldn’t admit there was a loss.
There was no sign of compassion or whatever.”…”
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