SFO quits Greywolf investigation
Serious Fraud Office investigations of Australian gold miner Greywolf Resources have been closed because they require too much work to be done offshore.
Serious Fraud Office investigations of Australian gold miner Greywolf Resources have been closed, because they require too much work to be done offshore.
Greywolf was under scruitiny for alleged fraud in its application for exploration permits.
The SFO opened its case with Greywolf in June, after receiving information from the Ministry of Economic Development (MED) relating to three applications made by Greywolf for petroleum and mineral exploration permits in New Zealand.
SFO boss Adam Feeley said at the time it appeared data supporting the applications was false.
Today, Mr Feeley said although the investigation had identified evidence of possible offending, it could not be pursued without extensive inquiries of people outside New Zealand.
“The focus of our investigation had been to determine the authenticity of certain statements made in the exploration applications," Mr Feeley said.
"While there are doubts as to the integrity of some documents, and the use to which they were put, it does not meet the threshold required for a prosecution.”
Mr Feeley said that the SFO had considered the practical and jurisdictional challenges of pursuing the matter overseas and concluded public interest in the investigation wasn't strong enough.
The mining application in question had been rejected by the Ministry of Economic Development.
"Accordingly, we do not intend to pursue inquiries overseas, but we remain open to assessing any new information should it come to light,” Mr Feely said.
Georgina Bond
Thu, 03 Nov 2011
Thu, 03 Nov 2011
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SFO quits Greywolf investigation
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