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The Indigenous Land Claims in New Zealand and Canada

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that the settlement does not <strong>in</strong>clude the Waikato River, West Coast Harbour or the Maori <strong>and</strong> Wairoablocks of l<strong>and</strong> (Buck<strong>in</strong>gham <strong>and</strong> Dana, 6).<strong>The</strong> Ta<strong>in</strong>ui tribe has s<strong>in</strong>ce made <strong>in</strong>vestments <strong>in</strong> areas that have <strong>in</strong>cluded l<strong>and</strong>, forestry,education, <strong>and</strong> commercial enterprises. In 1994, the tribe’s annual report showed total assets valued atNZ$7.3 million. In 1998, its assets were reported to be valued at over NZ$210 million. To manage allof these new assets, <strong>The</strong> Ta<strong>in</strong>ui Maori Trust Board, established by the Waikato-Maniapota SettlementAct <strong>in</strong> 1946, was delegated the responsibility for functions contribut<strong>in</strong>g to the economic <strong>and</strong> socialdevelopment of the Maori people (Buck<strong>in</strong>gham <strong>and</strong> Dana, 6). <strong>The</strong> board consists of the GroupHold<strong>in</strong>gs Ltd. <strong>and</strong> the Waikato Raupatu <strong>L<strong>and</strong></strong>s Trust, each oversee<strong>in</strong>g different corporate entities suchas Maori Development Corporation Investment Hold<strong>in</strong>gs Ltd., Ta<strong>in</strong>ui Corporation Ltd., Ta<strong>in</strong>uiDevelopment Ltd., Raukura Waikato Fisheries Ltd., Raukura Maona Fisheries Ltd., <strong>and</strong> RaukuraAustralia Pty Ltd. with core bus<strong>in</strong>ess <strong>in</strong> property, resorts <strong>and</strong> fishery (Katschner, 10).Ta<strong>in</strong>ui began to experience serious cash flow problems <strong>in</strong> 2000 <strong>and</strong> subsequently sold severalcorporate assets. <strong>The</strong> Waikata Raupatu <strong>L<strong>and</strong></strong> Trust recorded a net deficit of NZ$42 million for theyear 1999-2000, which was attributed to poorly perform<strong>in</strong>g <strong>in</strong>vestments <strong>and</strong> weak leadership. Majorcorporate restructur<strong>in</strong>g was necessary to improve profitability <strong>and</strong> consequently the trust’s commercialassets were transferred to the tribe’s parent company, Ta<strong>in</strong>ui Group Hold<strong>in</strong>gs Limited (TGHL). InJuly 2003, TGHL successfully improved the f<strong>in</strong>ancial performance with a 29% <strong>in</strong>crease from theprevious year (Katschner, 11).Ta<strong>in</strong>ui Group Hold<strong>in</strong>gs Ltd. was formed <strong>in</strong> 1998 <strong>and</strong> its <strong>in</strong>vestment portfolio covers the fourbroad areas of property, fisheries, tourism, <strong>and</strong> managed funds. <strong>The</strong> property portfolio has anaccumulated asset value of NZ$140 million. It is segmented <strong>in</strong>to <strong>in</strong>vestment <strong>and</strong> development,compris<strong>in</strong>g a diverse mix of commercial office, retail, <strong>in</strong>dustrial, farm<strong>in</strong>g, forestry, educational, <strong>and</strong>residential properties. With respect to fisheries, the Ta<strong>in</strong>ui Group has both <strong>in</strong>-shore <strong>and</strong> deep-sea29

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