SFO investigates Australian gold mining company
Company's NZ applications for petroleum and mineral exploration permits under suspicion.
Hot Topic
Accountants
Australian gold exploration and mining company Greywolf Resources NL is under Serious Fraud Office (SFO) scrutiny for alleged fraud in its application for exploration permits.
SFO director Adam Feeley said he had received information from the Ministry of Economic Development (MED) relating to three applications made by Greywolf for petroleum and mineral exploration permits in New Zealand.
“From the information received to date, it appears that false statements may have been made in support of these applications,” said Mr Feeley.
The SFO’s focus was to determine the authenticity of certain statements made in the applications and, if there was false information, to determine who was responsible for making those statements.
“Maintaining the integrity of the regulatory regime, coupled with the considerable financial value of the permits, means that there is significant public interest in investigating this matter further,” said Mr Feeley.
This week Greywolf withdrew its application for prospecting and exploration near Nelson for coal, oil, gas and other minerals, due to public opposition.
Other permit applications, including one for offshore oil and gas exploration off the Golden Bay coastline, would continue, the Sydney-based company said.
New Zealand Petroleum & Minerals said in a statement it had rejected all Greywolf’s applications due to “deficiencies in financial information”.
Greywolf has a producing gold mine and has widened its interests to include coal, potash, oil and gas and plans to list on the Australian Stock Exchange later this year.
Georgina Bond
Fri, 03 Jun 2011
Fri, 03 Jun 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
SFO investigates Australian gold mining company
15002