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The committee released a report last night which concluded Mr Peters had "some knowledge" of the $100,000 donation from billionaire Owen Glenn, and said the New Zealand First leader should have made "an honest attempt" to file a declaration.
Throughout the hearings, Mr Peters denied knowing anything about the December 2005 donation and said he was only told about it in July this year.
The committee has recommended Parliament formally censure him, and the report will be debated when it sits today.
It wasn't a unanimous result -- the committee vote was 8-5 with Labour and NZ First MPs disagreeing.
They said there was insufficient evidence to conclude Mr Peters had any knowledge of the donation.
But National, the Greens, the Maori Party, ACT and United Future believed he did, and between them those parties have the numbers to endorse the report through a vote in Parliament.
Mr Peters said last night the MPs who held a majority on the committee decided he was guilty before hearing any evidence.
He described the process as a legal charade, and said he would have his say on it in Parliament today.
Mr Glenn, an expatriate businessman based in Monaco, who came to Wellington to give evidence to the committee provided phone records of a conversation he had with Mr Peters on December 14, 2005.
He said Mr Peters asked him for the donation during that conversation and later thanked him for it.
The money was used to pay legal fees charged by Mr Peters' lawyer, Brian Henry, for work he had done on an electoral petition Mr Peters launched after the 2005 election.
Mr Glenn said immediately after his conversation with Mr Peters, Mr Henry emailed him with bank account details so he could make the payment.
Mr Peters and Mr Henry both denied discussing the donation and Mr Henry said he had asked Mr Glenn for the money.