Posted by: transparencynz | October 12, 2017

A tale of two companies Tamaki Redevelopment company Limited and Tamaki Regeneration Limited

There appears to be an awful lot of confusion with the  Tamaki Regeneration  project

first of all  the web site is called http://www.tamakiregeneration.co.nz/ but the web site is owned by Tamaki Redevelopment Co

Tamaki redevelopment company limited was set up in in 2012 following the signing of a heads of agreement between auckland council and    two ministers of  the crown

Tamaki Redevelopment company was set up with share holding from the crown and   council and the shareholders adopted a Constitution this 31 page document was  drafted and filed by the company secretary  Simpson Grierson . The comprehensive constitution was amended in 2014 to this version Amendment of Constitution a 27 page document , we are uncertain as to the input of the crown shareholders into that document , it was again filed by the undefined  trading name  simpson Grierson .On 14 March 2016 the  constitution is replaced by the 25 page document  Revocation and Adoption of Constitution what is of note   is that this constitution unlike the two former ones has no obligation to the heads of agreement .

on 11 November 2015  Tamaki Redevelopment company limited  became the sole  share holder of a new company called Tamaki Regeneration  Limited and of a company called THA GP  Limited .

THA Gp limited subsequently became   the  general partner in a limited partnership  called Tamaki Housing association  Limited partnership (  19 january 2016)  these bodies remain as  subsidiaries of Tamaki Redevelopment company limited  and we will just put them to one side for now

we  will now look at   the  government  web sites and   special announcements

9 FEBRUARY, 2016 John Key  Prime Minister’s Statement to Parliament

 In March this year, 2,800 Housing New Zealand homes will be transferred to the Tamaki Redevelopment Company.This will result in at least 7,500 new homes in that area over the next 10 to 15 years, of which more than a third will be for social housing.The transfer of Housing New Zealand properties to community housing providers in Invercargill and Tauranga will happen later this year.

 

25 FEBRUARY, 2016  Bill English Speech to the Auckland Chamber of Commerce and Massey University – State of the Economy

The Tamaki Redevelopment Company will become the owner of 2,800 former Housing New Zealand houses at the end of March, which the company plans to redevelop into around 7,500 houses.

Note that  up to this stage the   housing new zealand stock was going to be transferred to Tamaki Redevelopment company Limited  which has   been abbreviated in correspondence as TRC

then on

31 MARCH, 2016   Bill English, Nick Smith Auckland’s Tāmaki housing transfer confirmed

The ownership and management of about 2800 Housing NZ properties in Tāmaki will today be formally transferred to the Tāmaki Regeneration Company (TRC), which is jointly owned by the Crown and Auckland Council

TRC was established to lead the Tāmaki Regeneration Programme

Note that he states that the houses will go to Tamaki regeneration Limited, but he called it Tamaki Regeneration company  TRC.   He goes on to say

The Tāmaki Housing Association, a subsidiary of TRC, will tomorrow become the new landlord for Housing NZ tenants who live in the areas of Glen Innes, Point England and Panmure,” Housing New Zealand Minister Bill English says.

But  Tamaki Housing is a subsidiary of  Tamaki redevelopment company  limited  TRC not of Tamaki regeneration limited TRL  he then adds to the confusion and states

TRC was established to lead the Tāmaki Regeneration Programme

Yes Tamaki Redevelopment company limited was set up to  lead the regeneration  programme     not TRL  which at this date  was   a subsidiary of TRC .

On 14 April the shares of Tamaki regeneration limited are increased from 100  to   1631161218 and the shareholders are updated Particulars of Shareholding

What is of concern is that it appears that the ministers   believe that  the  properties are going to the company of which council and  crown are the share holders , the company which was set up for the transformation project  the company which is the ultimate holding company for Tamaki Housing Limited partnership . but..

The reality  is that the  assets have gone to an entirely different company one which  the  crown had no input in to the constitution, a company which is a stand alone . 

Now let us look at the  annual reports of tamaki redevelopment company  Limited   this is the 2015 report note that the company is referred to  as TRC .

The annual report states

page 5

The New Zealand Cabinet agreed that the ownership and management of approximately 2,800 social homes currently held by Housing NZ in
Tāmaki will be transferred to TRC by 31 March 2016

Page 6

On 1 April 2016, TRC will own and manage all current social homes of approximately 2,800 in the Tāmaki area.

We are respectful of the responsibility and mandate provided to us by Shareholders to look after the most vulnerable families in our rohe. At the same time, this will be an opportunity to catalyse community led action and move at pace to achieve our objective of making Tāmaki an awesome place to live. 

and

Whilst Housing NZ and TRC have different mandates, the commitment by both organisations to ensure a seamless transfer and prepare TRC for
1 April 2016 is unwavering. 

In the  2016   annual report  the  confusion continues the report is entitled TĀMAKI REDEVELOPMENT COMPANY
ANNUAL REPORT 2016  .

page 2

TĀMAKI REGENERATION COMPANY (TRC) HAS BEEN MANDATED BY ITS SHAREHOLDERS, THE NEW ZEALAND GOVERNMENT AND AUCKLAND
COUNCIL, TO REPLACE 2500 SOCIAL HOUSES WITH 7500 MIXED-TENURE HOMES OVER THE NEXT 10-15 YEARS.

There is no such company as tamaki regeneration company  limited.  There is Tamaki regeneration Limited  company number 5840214 

and Tamaki redevelopment company limited 3937662

The name Tamaki regeneration company is  used twice   and in both  instances it is tied to the  abbreviation TRC

page 9

Tāmaki Regeneration Company will bring about transformational change to achieve four equally important objectives – social transformation, economic development, placemaking and housing resources.

Through its shareholders, the New Zealand Government and Auckland Council,TRC will replace 2500 social houses in the suburbs of Glen Innes, Pt. England and
Panmure creating 7500 mixed-tenure homes over a period of 10-15 years.

Tamaki regeneration limited  the  owner of the properties  has no share holding  of council

to add to the confusion on page 18  a  TRC legal group is created. a legal group  has no statutory definition or legal existence   .

Tamaki regeneration Limited is referred to as TRL  .  Through the annual report  references are made to the transfer of the properties to  TRC ( pages 6,10,12,23)   this is incorrect they  were transferred to TRL

The confusion is such  that  courts have been misled  with regards to ownership   see  Open letter to Robert Gapes Simpson Grierson

this has resulted in  a fundamentally flawed decision  due to the court  basing the decision on the   lawyer’s flawed  submission.  The lawyer a member of simpson Grierson law firm, the  company secretary   told the court that  Tamaki regeneration limites was a subsidiary of tamaki redevelopment company limited.   we ask How can a lawyer  and the company secretary  get it so wrong and what does this say about the integrity of the  management of the company’s affairs  by the secretary .

Of even greater concern is that  it appears that the Ministers  and   treasury were not involved in the setting up of this new crown entity  and had no input into the constitution.

Considering the fact that 2800  houses were transferred into this company of mixed identity and dubious origins  it is something that  we the public need to be concerned about

we note that in the  2015  annual report Mr Holyoake page 6  states “TRC and its partners must also own the lapses or mistakes.”   we therefore hope that   full transparency is applied and that  this  mess is  corrected to remove  any   doubt as to  who had a mandate to receive the houses  and how they came to be in the possession of a company other than the one  Government intended the stock to go to .

We note that  several of the directors are property developments  and one states as his  interests ” Potential development opportunities in and around Glen Innes”  an other lists directorship in Tāmaki Investment Trust Company Ltd

To those who care about   crown assets  it would appear that  foxes are guarding the  hen house   we have to ensure that they   do not  get fat  and  accountability and transparency is how we wish to achieve that .

 


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