A Taranaki community group has failed in its attempt to stop the proposed $620 million sale of TSB to Heartland Group.
The High Court rejected the Taranaki Community Accountability Society’s application for an interim injunction, with Justice Andru Isac describing its case as “legally and factually weak”. The group argues the sale is unlawful and the Taranaki community has not been properly consulted, while a petition opposing the deal has attracted around 7,000 signatures.
Toi Foundation trustees are now considering whether to approve the sale, which requires 75% support. Kiwibank has also signalled it remains interested in TSB should an opportunity arise. Read more at Interest.co.nz.
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