Maori Trust buys 28 farms in the south

A Maori trust, with financial backing believed to come from Dubai, has contracted to buy 28 farms in Southland, with plans to buy others throughout the country. The cost of the farm purchases so far is estimated at more than $150 million. Inquiries by the Otago Daily Times have revealed concerns in the rural industry about the group's actions, from delays confirming the sales contracts to deposits not being paid as expected. Two of Southland's largest rural real estate companies, PGG Wrightson and Southern Wide, declined to deal with the trust, but the farms have been bought through other real estate agents. Group spokesman Wynn Murray said the trust was a serious buyer. It had financial backing, including from overseas, and sales contracts would be made final in late February or early March. The delay was because of dairy farmers wanting to see out the milking season and deposits would be paid when contracts were finalised, he said. Mr Murray, from Invercargill, declined to name the trust he represented or confirm rumours its funding came from Dubai. He did confirm that an option was for milk from the trust's farms to be processed specifically for Dubai markets. Mr Murray said the trust he represented was not aligned to a tribe, but made up of a group of individual Maori people from throughout New Zealand who had pooled their resources. "We're just Maori people who have got together and decided, `Let's do this'."