The TECT Trustees' restructure' strategy was recently dealt with by the High Court Tauranga and a judgment approving the 'restructure” was given mid -December 2021. In my opinion it was a very questionable decision against the weight of evidence and had the look of expediency about it. The Court had appointed an Independent QC to assist the Court but made it clear the Independent Counsel was not acting for the beneficiaries as a whole or any of them. Notwithstanding that caveat the Independent Counsel's report certainly vindicated the concerns of consumer beneficiaries opposed to the restructure. Part of the independent report addressed Michael Cooney's full affidavit that took issue with the current trustees' proposal, which was attached to the report. Michael Cooney was the TECT chairman prior to Mr. Holland and his affidavit was of crucial importance to the whole scenario, as was affidavit of Norm Mayo an original TECT trustee and the submission by Bruce Cronin, a past deputy chairman of TECT. However, in the end, analysis the High Court strangely took little notice of the Independent Counsel's report and annexures.

It is fair to say that 47,000-plus TECT consumer beneficiaries have been deprived of $1.2 billion in assets without even the courtesy of holding a referendum.

These assets will now end up in the hands of a community trust that does not currently exist, has no association with TECT, and is not a TECT beneficiary.

Readers must just ask themselves is this fair and equitable?

R Paterson, Ohauiti.