6 October 2025
Joshua Riley
By email: [FYI request #31705 email]
Dear Joshua
Re: Official Information Act Request: Asset Transfers from Local Councils to Crown-
Owned Funds.
Thank you for your request of 22 July 2025 which was transferred to me by the Minister of
Finance, Hon Nicola Willis, on 5 August 2025. Specifically, you requested under Official
Information Act 1982 (OIA):
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)
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.
For completeness, I also note you have made related requests for information on 9 June and
20 July.
On 14 August, my office informed you of an extension to the timeframe for response to this
request to 10 October. My response is below.
1.
I am informed that every land, building, or equity interest that originated with any New
Zealand local authority (or its subsidiaries) and is now held by Tupu Tonu was acquired
from Far North District Council. Tupu Tonu has already provided you with a complete
schedule of such assets. I have attached the list provided to my office for reference at
Appendix One.
2. Besides Tupu Tonu, no other Crown-owned entities or funds have a mandate to acquire
or hold assets for future Treaty of Waitangi settlements. Accordingly, this part of your
request is refused under s18(e) of the Official Information Act 1982, as the requested
information does not exist.
3. I am advised that Sarah Jane Petersen serves on the Boards of both Far North Holdings
Limited (since 2018) and Ngāpuhi Investment Fund Limited (trading as Tupu Tonu)
(since 2021). Between January 2023 and June 2024, Tupu Tonu acquired four assets
from Far North Holdings Limited. As for any company, Tupu Tonu is expected to have
robust conflict of management practices for any actual or potential conflicts that may
arise across its work.
4. Tupu Tonu is governed by its own board. I have not received any briefings that establish
a policy or rationale for al owing Tupu Tonu to acquire assets from local authorities
without a public tender or consultation process. This part of your request is also refused
under section 18(e) of the OIA, as the information does not exist. In responding, I note
that I have not taken a view on any particular process and expect that all government
entities use robust and appropriate practices across their work.
In making this decision, I have considered whether any other part of government holds
information you requested that I have not been able to provide. Aside from Tupu Tonu as the
entity concerned, I am advised that no other part of government would hold the information.
You have the right to seek an investigation and review by the Ombudsman of this decision.
Information about this process is available at
www.ombudsman.parliament.nz or phone 0800
802 602.
Yours sincerely
Hon Paul Goldsmith
Minister for Treaty of Waitangi Negotiations
link to page 3
Appendix One: Assets acquired from any New Zealand local authority (or its
subsidiaries) and now held by Ngāpuhi Investment Fund Limited (Tupu Tonu
)1
Asset
Asset Address
Date
% held
Price ($)
Latest
Description
Acquired
Valuation
($)
Community
450 Kamo
16 January 50% equity
4,050,000
4,091,000
Housing
Road and 2
2023
ownership
Development Meldrum
Street,
Whangarei,
0112
Community
151 Tawanui
25
50% equity
9,750,000
9,750,000
Housing
Road, Kaikohe
June
ownership
Development 0405
2o24
Commercial
69 Marsden
29 June
100% ownership 10,837,111 10,850,000
Property
Road, Paihia,
2023
Northland
Commercial
29 Hokianga
22 May
100% ownership 2,512,000
2,521,566
Property
Harbour Drive,
2024
Opononi 0473
1 Al assets listed were acquired from Far North Holdings Limited by Tupu Tonu
