SFO drops Greywolf mining probe

Thursday 3rd November 2011

The Serious Fraud Office has dropped its probe into Australian explorer and miner Greywolf Resources, saying it’s too hard to chase people overseas when the public interest isn’t high enough.

The white-collar crime investigator was looking at the miner’s applications for exploration permits which New Zealand Petroleum and Minerals turned down because of deficient financial information. SFO chief executive Adam Feely said his office considered pursuing the company’s foreign officers, but the case didn’t meet the public interest threshold to go through the jurisdictional challenges.

“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,” Feely said in a statement. “We do not intend to pursue inquiries overseas, but we remain open to assessing any new information should it come to light.”

The SFO opened its probe in June after Greywolf pulled the pin on its bid to explore for oil and coal in Golden Bay, saying local opposition meant pursuing minerals in the area was pointless.

(BusinessDesk)

BusinessDesk.co.nz

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