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Arklow Investments was set up for the purpose of purchasing the 10000 acre forest and coastal land on Matakana Island in the early 1990's. After Arklow negotiated the price down to $20m from $30m and with finding a buyer for the 17-34 year forest at $15.75m, Arklow took it's business plans to Wellington Merchant bank FAR Financial to borrow the $4.25m shortfall. Arklow's business plans showed it was going to get the 10000 acres for free. Instead of offering the money, FAR Financial asked Arklow for $5000 to look for the money. When Arklow declined within 30 days FAR Financial began negotiations to purchase Matakana Island for themselves cutting out Arklow despite providing confidentiality undertakings to Arklow. In 1993 Arklow began a costly litigation against 17 defendants including FAR Financial. In 1994 FAR Financial sold the Matakana land to a Maori company called Te Kotukutuku who claimed to the court the Matakana land was sacred to their tribe the Ngai Te Rangi iwi.

On 5 May 1997 after a 4 week trial before Justice Paul Temm in the Auckland High Court, Arklow were successful in it's claim against FAR Financial. On 25 May Justice Temm suddenly died. Arklow then faced a retrial application before Justice Fisher which Arklow also won. Both decisions were then appealed to the New Zealand Court of Appeal. In July 1998 4 of the 5 judges overturned the findings of the High Court. But Court of Appeal J.Thomas agreed with Arklow and said in his judgment "he could not understand the position being taken by his fellow judges". But the majority said FAR Financial did not owe Arklow a fiduciary duty, therefore Arklow did not have the protection of the law. The Maori group had asked the Court to ignore any wrongs that FAR Financial may have committed given the sacred land was now in the hands of the rightful owner, the Maori people of Tauranga.The Court of Appeal judgment was then appealed to the Privy Council. In December 1999 the Privy Council judgment written by NZ judge Justice John Henry said the Court of Appeal were correct and Arklow's appeal was denied.

Arklow then began a series of appeals to Parliament and appeared before a select committee claiming the Courts ignored both the law and the facts to make way for the Maori groups demands.

In July 2003 Te Kotukutuku announced a large canal housing development on Matakana Island.

In July 2007 Te Kotukutuku announced it had completed sale of all of the Matakana Land to American and New Zealand property developers.

Arklow is still appealing. -- 03:01, 15 October 2007 (UTC)




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