2 Nov 2006 Media Release

Crown Forestry Rental Trust response

Crown Forestry Rental Trust is this morning distancing itself from suggestions that it is about to release its retained earnings to assist a government department to provide a significant Maori development pool, as a speculative assumption.

Trust spokesperson Angela Foulkes says any action of that nature would require a change to the Trust Deed that forms the basis of how CFRT conducts its business.

The Trust was established as a result of negotiations between Maori and the Crown and is subject to a Trust Deed that provides equal input from Maori and the Crown.  The Trust is an independent entity, not a Crown Agency and as such will continue to act under its existing Trust Deed unless amendments are agreed between Maori and the Crown.

“There have been indications that the government is keen to utilise the Trusts funds to establish a Maori development resource however the matter is yet to be fully canvassed by CFRT and its stakeholders, said Angela Foulkes.

“It is unfortunate and unusual that a senior official has taken the opportunity to promote the contents of a cabinet paper that is yet to be considered by the executive.

“We can assure our stakeholders that CFRT is continuing to maintain its portfolio in a prudent and practical way, to ensure that sufficient reserves are available to support all claimants with interests in Crown Forestry land through the claims process,” said Angela Foulkes.

Contact:
Angela Foulkes
Trustee Crown Forestry Rental Trust
(04) 562 7100 or (027) 205 3521

Jason Ake
Strategic Relationships Manager
Crown Forestry Rental Trust
(04) 916 7829 or (029) 916 7829