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The Auditor-General's report into the property purchases at Jacks Point and Luggate, published this afternoon, cleared the company of any "impropriety or poorly managed conflicts of interest''.
However, Delta was found to have breached legislation, failed to adequately consider risks associated with the deals, or communicate adequately with its shareholder, Dunedin City Holdings Ltd.
The holdings company also had to accept some of the blame for failing to provide adequate oversight or scrutiny, while the council had failed to provide governance advice on acceptable levels of risk, Auditor-General Lyn Provost concluded.
Delta spent $14.17 million buying the sections at both properties in 2008 and 2009, but expected to lose at least $6.4 million once the last of the sections were sold.