CORRESPONDENCE.

• Author: Cochrane, David

Sir,

In the article 'Doing business with Russia' in the last issue (vol 46, no 5) there is an error at page 15. The statement that Sealord was transferred to Ngai Tahu under a Treaty settlement is incorrect.

The 'Sealords Deal' was put together in haste in 1992 by Prime Minister Jim Bolger, Tipene O'Regan, Graham Latimer and other Maori leaders. It occurred when Carter Holt Harvey was forced to sell its 50 per cent share in Sealords (which was a major quota holder), and resulted in the shares being transferred to the Maori fisheries entity. That entity has had various iterations and titles, but since 2004 has been called Te Ohu Kaimoana.

The Sealord shares are held by Aotearoa Fisheries (trading as Moana) which also owns Moana Pacific. Aotearoa Fisheries has income shares and voting shares. Ngai Tahu, as a major iwi, has a significant income shareholding, but all the voting shares are, by law, held by Te Ohu. The other 50 per cent of Sealord is and always has been held by Nippon Suisan Kaisha (usually referred to as Nissui).

While Ngai Tahu has never owned Sealords, it is a major...