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SFO closes investigation into Greywolf Resources

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 Feely said.

ENDS

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