From RNZ · RNZ | Te Reo Irirangi o Aotearoa · · 1m
RNZ board admits unlawful overdraft breach
RNZ board confirmed $5m overdraft breached Crown Entities Act without ministerial approval.
In brief
RNZ board confirmed $5m overdraft breached Crown Entities Act without ministerial approval. RNZ admitted a $5m overdraft facility was set up without required ministerial sign-off, breaching the Crown Entities Act. Originally reported by RNZ.
RNZ board confirms overdraft breach
RNZ board admitted a $5 million overdraft facility breached Crown Entities Act without ministerial approval.
Overdraft set up without approval
RNZ set up a $5 million overdraft facility to cover potential land sale delays without ministerial sign-off.
Former CFO resigned
Former RNZ chief financial officer Hilary Parker resigned unexpectedly in early October.
Board chair explains assurance
Board chair Brent Impey said a director asked if ministerial approval was required before the overdraft was formalized.
Legal expert questions oversight
Public law expert Mai Chen said RNZ management lacked understanding of Crown Entities Act obligations.
Independent review underway
RNZ board stated the independent review will determine why the breach occurred and what steps were taken.
The short version
RNZ admitted a $5m overdraft facility was set up without required ministerial sign-off, breaching the Crown Entities Act.
