A probe into the funding of Team New Zealand and the America's Cup has been released and found "no evidence of financial impropriety or misappropriation of funds".
But a $3 million contribution to Team NZ by America's Cup Limited (ACE) will go to mediation with the Ministry of Business, Innovation and Employment (MBIE)
MBIE, in consultation with host partner Auckland Council, has completed its audit into allegations made against Emirates Team New Zealand Limited (ETNZ) and America's Cup Event Limited (ACE).
The Beattie Varley report, commissioned as part of the audit, found that there was no evidence of financial impropriety or misappropriation of funds.
The report also found:
• there was no loan from ACE to ETNZ,
• there was no fraud by ACE or ETNZ,
• that no personal expenses of TNZ boss Grant Dalton or any other personnel were paid from Crown monies,
• that there has been no financial impropriety of any nature.
It emerged last month that Team NZ had been scammed when a large amount of money was sent to a Hungarian bank account in a fraudulent transaction.
MBIE chief executive Carolyn Tremain says the confirmation that there has been no financial impropriety is excellent.
But she says the report raised some concerns around record keeping.
At the start of July, MBIE announced it was suspending payments to America's Cup Events - the organising company part of Team New Zealand, while claims about the spending at the two organisations were examined.
MBIE's Ian Cossar says after the report's submission, they will consider the findings.
He says the process is expected to be completed by the end of this month.
In July, the Herald revealed the Government was undertaking a probe into Team New Zealand and America's Cup Events, over the spending of public money, including allegations of a "reclassified" three million dollar loan and claims of fraud involving a Hungarian bank account.
More to come