The Maori Land Court in Whangarei has ended its control of a financially troubled Northland Maori incorporation, Matauri X.
In 2003 the court appointed an Auckland accountant Kevin Gillespie as interim administrator, after the incorporation lost over $6 million in a failed business venture.
The incorporation re-financed and borrowed more money to
subdivide land at Matauri Bay, in order to pay back its loans.
But few sections have sold, the debt has grown substantially and the finance company owed money is in receivership.
Kevin Gillespie says the Court has now ordered a group from Matauri X, to take responsibility for paying the finance company receivers $15 million by 2015.
He says that means his responsibilities and those of the court are now over.
