Port Nicholson Trust votes down Shelly Bay sale, citing SFO probe

Port Nicholson Trust votes down Shelly Bay sale, citing SFO probe
Jonathan Underhill
By Jonathan Underhill Feb. 12 (BusinessDesk) - The Wellington Maori tribal investment vehicle, the Port Nicholson Block Settlement Trust, will not back a proposal to sell the old Shelley Bay defence base to local property developer Ian Cassells, following the failure by the trustees to convince a minimum 75 percent of voting members to back the deal. The trust is subject to a Serious Fraud Office probe, the details of which are suppressed. The trust represents Taranaki Whānui ki Te Upoko o Te Ika members, who gained the Shelley Bay sit...