A Whangarei kaumatua has told a hui on partial asset sales that the sell-off is a fraud on Maori and investors.
Taipari Munro, who chairs the Whatitiri Reservation Trust, says unsettled claims involving water, like his hapu's, must be resolved before the government sells a stake in four energy companies.
Mr Munro says the sales will create many private shareholders who will oppose claims like the Poroti Spring claim, for their own financial reasons.
Mr Munro said the Whatitiri reservation was set up by the Maori Land Court in 1890 to hold the land around the Poroti Spring.
But he says the Whangarei District council took most of the land soon afterwards, as payment for a survey the Maori owners never asked for.