# RNZ board admits unlawful overdraft breach

> RNZ board confirmed $5m overdraft breached Crown Entities Act without ministerial approval.
- Title: RNZ board admits unlawful overdraft breach · RNZ | Shortify
- Summary: RNZ board confirmed $5m overdraft breached Crown Entities Act without ministerial approval.
- Keywords: rnz, crown entities act, unlawful overdraft, ministerial approval, hilary parker, brent impey, paul thompson, westpac, crown entities act 2004
- Source: RNZ — https://rnz.co.nz/news/business/2550132/rnz-board-assured-unlawful-overdraft-did-not-need-approval
- Author: RNZ | Te Reo Irirangi o Aotearoa
- Published: 2026-11-12T06:42:00+00:00
- Read time: 1 min
- Topics: rnz, crown entities act, unlawful overdraft, ministerial approval, hilary parker, brent impey, paul thompson, westpac, crown entities act 2004, politics, news
## 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.
## Key takeaway

RNZ admitted a $5m overdraft facility was set up without required ministerial sign-off, breaching the Crown Entities Act.