Rip off Prebble and Dollar Hall

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Sarah McDonald | Thursday February 19 2009 - 07:39am

A hui will be held today for out-of-pocket Maori investors to voice their anger at the failure of a large central North Island development project involving former Cabinet Minister Richard Prebble.
Te Whenua Venture Holdings, in which Mr Prebble is a shareholder and director, was planning to build a 2500-house town on the outskirts of Turangi.
But the company, which bought ex-Landcorp land on which to situate the development, is now in receivership.
Controversial Treaty of Waitangi lawyer Donna Hall was involved in the early stages of the project and argued for the development to go ahead.
It was backed by local hapu including Ngati Turangitukua.
The Turangitukua Charitable Trust is holding a special meeting at Hirangi marae this evening.
Hapu members tell NBR that Mrs Hall's involvement ended in late 2007.
It's expected that those in attendance will be asked to vote on whether the trust's assets should be frozen and its trustees forced to resign.
The trust owns 12.5% of Te Whenua Venture Holdings, which bought the land for the proposed subdivision for $10 million.
It is understood that the company owes $9 million to a consortium of banks.
A member of the hapu who contacted NBR also says there was dissension over allegations that tribal funds of more than $1 million had been diverted towards the project.
Te Whenua's subdivision proposal included a fishing lodge, restaurant, and 45-hole golf course as well as the 2500 homes.
It had not been granted resource consent.
Te Whenua's subdivision is not the only development that Mr Prebble is involved in that is in trouble.
NBR has previously reported on the stalled $140 million McLennan development at Papakura, which has ground to a halt due to a lack of funding.
Mr Prebble is on the board of the development company McConnell.

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An update on this one:

Iwi wants $1.8m back from failed land deal
By MIKE WATSON - The Dominion Post | Wednesday, 25 February 2009
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A Turangi-based iwi says it is 1.8million out of pocket after a company behind a multimillion-dollar land deal went into partial receivership.
Te Whenua Venture Holdings paid $10.8 million for 650 hectares of former Landcorp farmland at Mangamawhitiwhiti beside the Tongariro River.
The plan was to build a new township with 2500 house sections, a 45-hole golf course and a fishing lodge.
Former Labour Cabinet minister and ACT MP Richard Prebble was recruited as a director to provide legal advice.
The company went into receivership last month, owing $9 million to mortgage holders Westpac Bank and Dominion Finance.
Turangi hapu Ngati Turangitukua now wants the return of $1.8 million that it lent to Te Whenua, through Ngati Turangitukua Charitable Trust.
The trust administers funds for the hapu from Waitangi Tribunal decisions.
Court action is to be taken in an attempt to remove hapu members involved in the land deal from the charitable trust.
At meetings held at Turangi's Hirangi Marae last week, angry hapu members passed a no-confidence motion in the trust and called for the resignation of hapu members associated with the deal.
Ngati Turangitukua spokesman Tuatea Smallman said a decision had been made to attempt to freeze all assets owned by the iwi, including the land.
"This is absolutely serious for all hapu members, it has never happened before. It's important we secure the assets of the iwi and try and recover $1.8 million."
Te Whenua Venture Holdings director dickson Chapman said he would not resign. "The people who called the meetings are not the ones we are accountable to.
"The directors still retain the confidence of parties who are directly involved in the development."
The development had stalled due to the global recession, he said. "It's not advancing as it was 12 months ago. In the past three to six months things have changed hugely."
He was confident the development would eventually go ahead when the economy improved.
The company had not been put into full receivership. The bank was collecting rent from the land and allowing Te Whenua to remain in business.
Mr Prebble said the farm was still making money. "The bank has retained its faith in the proposal by asking the directors to remain."

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I feel sorry for the people involved here. I think the directors should go and Richard Prebble should be ousted as soon as possible.

[kokonutwoman]

Wow what a terrible dilemma. Prebble has proven himself to be a thorn

[herodotus]

everybody knew that kkw but he just kept going.
he's an expert at ripping off other peoples money

[kokonutwoman]

Must have been out of the loop H, just didn't know about the rip off buzz. As soon as Nancy dropped him he's been a non entity in my book.