Matauri Bay tribal land is for sale, a heartbreaking blow to Ngati Kura shareholders, who have been fighting to protect their land block from a mortgagee sale for the past three years.
Monday, April 11th 2005, 7:48AM
by The Landlord
But Northland Maori do not intend to let the sale go through.
The Matauri X Trust has a debt of more than $3.5 million after its former chairman bought into Eternal Springs mineral water company in 2001, borrowing $2.5 million to do so, without the approval of shareholders.
The mineral water company failed a year later.
Maori Land Court appointed Matauri X administrator Kevin Gillespie said this week there were two avenues still open to the shareholders.
