Posted November 03, 2018 09:30:38 When the well-heeled yacht that was to become a symbol for the corruption scandals engulfing the Government of New Zealand (NZ) became embroiled in a massive corruption scandal, it became clear that there was something wrong with the way that the government operated.
In a move that exposed a culture of corruption within the Government and undermined trust in Government, the yacht’s owners were eventually arrested and charged with several offences, including bribery, money laundering and conspiracy to commit fraud.
What we know so far: The yacht was sold for $15 million in 2013.
The sale, which was approved by the Government, raised concerns about its future value, given that it was purchased for $6 million in 2009.
The Government has been accused of making a $1.8 billion profit from the sale of the yacht.
It has been reported that the Government paid off the Government’s share of the sale price in full, and paid off any debts owed to its owner, The New Zealand Herald reported.
According to the Herald, the Government was also reimbursed for $1 million of the $4.5 million it paid out to its creditors.
As part of the investigation, the New Zealand Police’s Crime Command team was also investigating the sale.
“This was a very complex investigation involving many different agencies,” Chief Inspector Peter Knaap told the Herald.
Mr Knaamp said the Government would also be looking at the possible financial arrangements between the Government-owned yacht and a number of other parties.
Police are still seeking to establish whether the Government is aware of the potential wrongdoing that may have been involved in the sale, he said.
This is a developing story.
Check back for more information as it becomes available.