The Native Land Trust Board (NLTB) has faced a lot of problems as some landowners have assigned 100% of their lease money to lending institutions like Housing Authority, Unit Trust, ANZ, Colonial National Bank and even hardware outlets.
Speaking at the Capital Markets Development Authority Workshop yesterday, NLTB officer Semisi Baro said the current practice is that NLTB only comes into play after the landowning unit and their lender has made an agreement and therefore has no control on the level of assignment.
He said loan deals are made directly with lenders without any NLTB knowledge until the preparation of the assignment, resulting in loans pending for longer terms regardless of the assignments.
Baro said this leaves the new generation of landowners with debts to settle and also creates discontent among the landowners.
He said NLTB has made a decision that all future assignments not to exceed 50% of the LOU's distribution income and all future assignments to be vetted and approved by NLTB.
NLTB Has Faced Loan Problems
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