Tenths investigating Ngatata Love
The Wellington Tenths Trust has appointed experts to conduct an investigation into the business dealings of jailed former chairman.
Sir Ngatata Love was sentenced to a prison term of 21⁄2-years in October, after being found guilty of obtaining property by deception, in relation to a payment which rightfully belonged to the the Tenths Trust.
Morrie Love, the current chairman of the Tenths Trust – and a first cousin of Sir Ngatata – said a panel had been appointed to look into other dealings of its disgraced former chairman.
Sir Ngatata Love initially faced a raft of corruption charges when he was charged in early 2013, however most of those counts were dropped in 2015.
Morrie Love said the investigation would look to see whether there were other improper dealings.
‘‘There were other pieces that didn’t get covered in the [court] case and we will do our best to get behind that and get to understand it.’’
While Morrie Love would not give precise details, the panel conducting the investigation included a forensic accountant from Deloitte and a lawyer from Bell Gully.
As well as conducting interviews with those who had dealings with the trust, the forensic accountant was seeking information held by the Serious Fraud Office.
If the report found any other impropriety, trustees would look to whether the trust would seek to recover money from Sir Ngatata Love but would take into account possible recoveries, Morrie Love said.
‘‘We have to be responsible because this is shareholders’ money we’re spending, so it will always be a balance between fiduciary duty ... and an assessment of what we’re likely to get in return,’’ he explained.
Sir Ngatata Love was found guilty in relation to a $1.5 million payment used to reduce the mortgage on a home he jointly owned with his thenpartner Lorraine Skiffington on Moana Rd in Plimmerton.
The police commissioner has initiated action under the Proceeds of Crime Act in relation to the house, which Morrie Love said the Tenths Trust was seeking to be a party to.
As well as the payment made to Love and Skiffington, Morrie Love said the trust put its costs and losses in relation to the payment at more than $1m.
He said the state of the relationship between Sir Ngatata Love and the Tenths Trust was ‘‘obvious’’.
‘‘He is guilty of defrauding the trust. That’s a pretty fundamental breakdown.’’