The Minister of Immigration in New Zealand has resigned due to conflicts of interest
Michael Wood has resigned from his position as a minister in the New Zealand government, according to an official statement released by Prime Minister Chris Hipkins on Wednesday. Hipkins cited a number of "conflicts of interest" as the reason for Wood's resignation.
Hipkins claims that Wood had further shareholdings in the JM Fairey Family Trust, of which he is both a trustee and a beneficiary. These shareholdings were reportedly in the form of cash.
Wood stated that he became aware of this information after he resigned as the Minister of Transport earlier this month owing to criticism over his stakes in the Auckland Airport.
Hipkins also stated that these new shareholdings raise significant concerns about Wood not identifying and managing potential and real conflicts of interest.
He added that in particular, the trust holds shares in telecommunications companies such as Chorus and Spark, in addition to the National Australia Bank. Hipkins stated that these new shareholdings raise significant concerns about Wood not identifying and managing potential and real conflicts of interest.
As the Minister of Immigration, Michael was the one who came to the conclusion that telecommunications specialists should be allowed to enter the country legally.
Hipkins explained that this decision was made after the telecoms industry, including Chorus, made representations asking for certain amendments to be made to the Green List.
Hipkins claims that Wood also holds a shareholder in the National Australia Bank, which is the parent company of the Bank of New Zealand. Despite the fact that this information was not mentioned in any of the cabinet sessions regarding the market research into banking or other pertinent cabinet meetings, Hipkins claims that Wood holds this investment.
According to official reports, Wood did not immediately register his ownership of shares in Auckland Airport when he was elected as a Member of Parliament (MP) or when he was appointed as the Minister of Transport.
In addition to this, Wood did report the shares to the Cabinet Office when he was sworn in as a minister in the year 2020. However, according to reports from the local media, he did not reveal them in the official register of assets and other interests held by MPs until the year 2022.
Wood claims that the reason he did not report them was because he believed that the shares had already been sold.
