Former Ngati Tama chief executive Greg White has accepted responsibility for losing most of his tribe's Treaty of Waitangi settlement money.

Mr White broke his silence in a statement to TV One's Marae Investigate programme aired yesterday. The tribe exclusively revealed their near $20 million loss to the Taranaki Daily News earlier this month.

Mr White told the programme he could not be interviewed because he was overseas, but acknowledged that while he was appointed by the iwi board as chief executive of the Ngati Tama Development Trust, he did not follow the conservative conventional approach "and accordingly things have not gone as planned".

"Our waka has hit some bad weather and ended up on the rocks," he wrote.

The choice for the iwi was either to give up or "repair the waka and set ourselves further horizons".

The Daily News has sought comment from Mr White, without success, since revealing Ngati Tama's plight.

Mr White's uncle, Haumoana White, told Marae his nephew had made decisions in isolation.

"He had no option but to admit what he did was wrong. The real question is where is the money?"

Maori commentator Willie Jackson said it was good that Greg White admitted he made mistakes but the tribe now had to recover and set a new course.

He said the tribe's main mistake was taking a "pitiful settlement" and in doing so undermining the future of most of Taranaki iwi.

He said Government support should ensure a high-level iwi plan was in place.

Ngati Tama announced Mr White's resignation at the same time the losses were revealed. Iwi at a hui at Pukearuhe Marae were told that of $19.8m of invested iwi funds, it might recoup $1.5m.

A total of $12.5m was invested with Australian software company My Virtual Home Ltd which is in liquidation and has no assets, $1.9m with Open Group Ltd which has no current estimated value and $4.39m with Tu Ere Fishing, which was offering minimal returns.

The new advisory board handling Ngati Tama's plight is headed by Hamilton consultant Richard Batley.