No evidence of 'impropriety': America's Cup probe released

Team New Zealand boss Grant Dalton claims the team was the victim of a "deliberate, sinister, and...
Team New Zealand boss Grant Dalton claims the team was the victim of a "deliberate, sinister, and highly orchestrated attack". Photo: NZ Herald
A probe into the funding of Team New Zealand and the America's Cup has been released and found "no evidence of financial impropriety or misappropriation of funds".

But a $3 million contribution to Team NZ by America's Cup Limited (ACE) will go to mediation with the Ministry of Business, Innovation and Employment (MBIE)

MBIE, in consultation with host partner Auckland Council, has completed its audit into allegations made against Emirates Team New Zealand Limited (ETNZ) and America's Cup Event Limited (ACE).

The Beattie Varley report, commissioned as part of the audit, found that there was no evidence of financial impropriety or misappropriation of funds.

The report also found:
• there was no loan from ACE to ETNZ,
• there was no fraud by ACE or ETNZ,
• that no personal expenses of TNZ boss Grant Dalton or any other personnel were paid from Crown monies,
• that there has been no financial impropriety of any nature.

It emerged last month that Team NZ had been scammed when a large amount of money was sent to a Hungarian bank account in a fraudulent transaction.

Add a Comment

drivesouth-pow-generic-1.png

Our journalists are your neighbours

We are the South's eyes and ears in crucial council meetings, at court hearings, on the sidelines of sporting events and on the frontline of breaking news.

As our region faces uncharted waters in the wake of a global pandemic, Otago Daily Times continues to bring you local stories that matter.

We employ local journalists and photographers to tell your stories, as other outlets cut local coverage in favour of stories told out of Auckland, Wellington and Christchurch.

You can help us continue to bring you local news you can trust by becoming a supporter.

Become a Supporter