Tūwharetoa Settlement Trust has launched an internal inquiry into their financial spending.
Since signing their treaty settlement in 2008, there was $66 million and now six years later there is only $16 million left.
The Tūwharetoa Forestry Settlement was one of the largest Treaty settlement signings in 2008, but now the new Tūwharetoa Settlement Trust GM Temuera Hall says there's a hole in their settlement account.
Temuera Hall says the trust was overly generous in giving grants to iwi and hapū initiatives as well as bad investments and they just didn't realise how much was actually being spent.
The internal inquiry will be conducted by the legal firm Minter Ellison and Temuera says he's only after transparency.
An iwi meeting has been called by Tūwharetoa leaders for the end of next month to discuss the outcome of the internal inquiry.