The Serious Fraud Office today announced it has closed its investigation into Australian exploration and mining company Greywolf Resources NL (formerly Greywolf Goldmining NL).
SFO closes investigation into Greywolf Resources
The Serious Fraud Office (SFO) today announced it has closed its investigation into Australian exploration and mining company Greywolf Resources NL (formerly Greywolf Goldmining NL).
The SFO opened its investigation into the company in June after concerns were raised about information provided by Greywolf relating to applications for exploration permits. New Zealand Petroleum and Minerals had earlier rejected applications for three petroleum and seven mineral exploration permits due to “deficiencies in the financial information provided.”
The SFO said while its investigation had identified some evidence of possible offending, it could not pursue the matter without making extensive inquiries of persons outside New Zealand.
SFO Chief Executive Adam Feeley said “The focus of our investigation had been to determine the authenticity of certain statements made in the exploration applications. 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 given consideration to the practical and jurisdictional challenges of pursuing the matter overseas and concluded that there was insufficient public interest in doing so.
“As a result of the Ministry of Economic Development having rejected the initial permit documents submitted by Greywolf, the application did not proceed. Accordingly, we do not intend to pursue inquiries overseas, but we remain open to assessing any new information should it come to light,” Mr Feeley said.
For further information
Sarah Knowles
Serious Fraud Office
Phone: 021 675 998
Note to editors
Role of the SFO
The Serious Fraud Office (SFO) was established in 1990 under the Serious Fraud Office Act in response to the collapse of financial markets in New Zealand at that time.
The SFO operates three investigative teams:
- Fraud Detection & Intelligence;
- Financial Markets & Corporate Fraud; and
- Fraud & Corruption.
The SFO operates under two sets of investigative powers.
Part 1 of the SFO Act provides that it may act where the Director “has reason to suspect that an investigation into the affairs of any person may disclose serious or complex fraud.”
Part 2 of the SFO Act provides the SFO with more extensive powers where: “..the Director has reasonable grounds to believe that an offence involving serious or complex fraud may have been committed…”
The SFO’s Annual Report 2011 sets out its achievements for the past year, while the Statement of Intent 2011-2014 sets out the SFO’s three year strategic goals and performance standards. Both are available online at: www.sfo.govt.nz(external link)