Asset Transfers from Local Councils to Crown-Owned Funds
Joshua Riley made this Official Information request to Nicola Willis
Currently waiting for a response from Nicola Willis, they must respond promptly and normally no later than (details and exceptions).
From: Joshua Riley
22 July 2025
To: The Honourable Nicola Willis, Minister of Finance
This is a request for official information under the Official Information Act 1982.
This request concerns the activities of Ngāpuhi Investment Fund Limited (trading as Tupu Tonu) and other similar entities. We recognise that a request for all possible information could be extensive. Therefore, this request has been specifically focused to reduce the workload on your office and facilitate a timely response.
There is significant public interest in this matter, particularly with the upcoming 2025 local elections.
A previous OIA request confirmed Tupu Tonu has acquired multiple FNDC-originated assets, but most substantive information was withheld. Given the Crown’s ownership of these funds and the public interest in the disposal of ratepayer-owned assets, we are now seeking key information from your office.
Information Requested
1. A complete schedule of every land, building, or equity interest that originated with any New Zealand local authority (or its subsidiaries) and is now held by Ngāpuhi Investment Fund Limited (Tupu Tonu). For example:
| Originating Council/CCO | Asset Description | Asset Address | Date Acquired | % held | Price | Latest valuation |
|-------------------------|----------------------------------|-------------------------------------------------------|---------------|-------------------------|----------------|------------------|
| Far North Holdings Ltd | Community Housing Development | 450 Kamo Road and 2 Meldrum Street, Whangarei, 0112 | 16 Jan 2023 | 50% equity ownership | $4,050,000 | $4,091,000 |
| Far North Holdings Ltd | Community Housing Development | 151 Tawanui Road, Kaikohe 0405 | 25 June 2024 | 50% equity ownership | $9,750,000 | $9,750,000 |
| Far North Holdings Ltd | Commercial Property | 69 Marsden Road, Paihia, Northland | 29 June 2023 | 100% ownership | $10,837,111 | $10,850,000 |
| Far North Holdings Ltd | Commercial Property | 29 Hokianga Harbour Drive, Opononi 0473 | 22 May 2024 | 100% ownership | $2,512,000 | $2,521,566 |
| [e.g., Other Council/CCO] | [Asset Details] | [Asset Details] | [etc.] | [etc.] | [etc.] | [etc.] |
2. A list of all other Crown-owned entities or funds, besides Tupu Tonu, whose mandate, or full or partial purpose, includes acquiring or holding assets for the purpose of future Treaty of Waitangi settlements. For each entity identified, please provide the same schedule of acquired local authority assets as requested in question 1.
3. A list of all persons who served simultaneously on the board of the selling entity (the council or its subsidiary) AND the purchasing entity (including Tupu Tonu and any entity from question 2 above). Please include the individual's name and the timeframe they held these roles.
4. Copies of the final versions of any reports or briefing notes provided to the Minister's office that establish the policy or rationale for allowing Crown-owned settlement funds to acquire assets from local authorities without a public tender or consultation process. This request is for the key documents that explain the strategic justification, not for operational emails or drafts.
We look forward to your response within the statutory 20 working days.
From: Hon Nicola Willis
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Thank you for contacting Hon Nicola Willis, Minister of Finance, Minister
for Economic Growth and Minister for Social Investment.
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Ngā mihi,
Office of Hon Nicola Willis
Minister of Finance | Minister for Economic Growth | Minister for Social
Investment
Freepost: Private Bag 18 888 |Parliament Buildings |Wellington 6011
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From: Hon Nicola Willis
Dear Joshua
I am writing to acknowledge receipt of your official information request. We will endeavour to respond to your request as soon as possible, and in any event no later than 20 working days after the day your request was received. If we are unable to respond to your request by then, we will notify you of an extension of that timeframe.
Kind regards
Private Secretary | Office of Hon Nicola Willis
Minister of Finance | Minister for Economic Growth | Minister for Social Investment
Private Bag 18 888 |Parliament Buildings |Wellington 6011 www.beehive.govt.nz
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