A Bay of Plenty iwi has stymied a plan by the Eastern Bay Energy Trust to move to full ownership of listed lines company Horizon Energy.
Te Mana O Ngati Rangitihi Trust got an injunction stopping the release of a beneficiary poll seeking approval to borrow $20 million for the deal.
Iwi chair Graham Pryor told Waatea News the energy trust's 20,000 beneficiaries, which includes a large proportion of Maori, were not properly informed.
Eastern Bay Energy Trust says lawyers for the two trusts are working on an agreement which will allow the process to start again.
Chair David Bulley says the energy trust owns 77% of Horizon and wants to move to full ownership so it can save on the high costs associated with a listed company.
