Property politics boil over

A member of the Auckland Property Investors Association's board is calling for a vote of no confidence in the organisation's "autocratic" president, Sue Tierney, amid allegations it is on the brink of insolvency.

Board member Ron Hoy Fong says he has no confidence in Tierney's leadership and that the organisation's financial position is "dismal". He estimates the not-for-profit organisation is losing between $10,000 and $18,000 per month.

Hoy Fong is not alone in his concerns about the association's current management.

A former board member, Dianne McAteer, who resigned earlier this month, wrote to the other board members in January referring to "the financial issues at hand"; stating the board was "in serious trouble" and that "the membership would have a good case for a vote of no confidence".

Its former chief executive David Baty has just resigned as well, also claiming the association has hit financial dire straits.

Board secretary Tony Steindle, the association's honorary solicitor, confirms it is solvent. He responded on Tierney's behalf as she is currently overseas. Funds held by the APIA as at March 31 last year were $134,000, Steindle says, and at the end of this financial year the accounts are likely to show funds of $78,000.

To read the full NZ Herald article click here

Posted: 22 Feb 2009

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