The Serious Fraud Office (SFO) has commenced an investigation into Australian exploration and mining company Greywolf Resources NL (formerly Greywolf Goldmining NL).
SFO investigates Greywolf Resources permit applications
The Serious Fraud Office (SFO) has commenced an investigation into Australian exploration and mining company Greywolf Resources NL (formerly Greywolf Goldmining NL), following allegations that fraud may have been involved in its application for exploration permits.
SFO Director, Adam Feeley, confirmed that the Ministry of Economic Development (MED) has passed information on to the SFO relating to applications made by Greywolf for petroleum and mineral exploration permits.
“From the information received to date, it appears that false representations may have been made in support of these applications,” he said.
Mr Feeley said that the focus of the SFO investigation would be to determine the authenticity of certain statements made in the applications and, if there was false information, to also 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.”
Mr Feeley said the applications related to three petroleum exploration and seven mineral exploration permits for various parts of New Zealand.
The MED has recently publicly stated that it has rejected the applications due to “…deficiencies in the financial information provided…”.
For further information
Serious Fraud Office
Phone: 021 675 998
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 Statement of Intent 2011-2014 sets out the SFO’s three year strategic goals and performance standards. It is available online at: www.sfo.govt.nz(external link)