Transport Minister Michael Wood has been stood down by Prime Minister Chris Hipkins after he failed to disclose shares in Auckland International Airport.
It was revealed today that Wood failed to properly disclose 1530 shares, which are now worth $13,000 since he purchased them in the 1990s, when he became an MP.
This is a major conflict of interest considering he currently oversees the light rail project to Auckland International Airport.
The Transport Minister reportedly thought the shares were owned inside a trust and didn’t declare them correctly until January 2022, reports NZ Herald.
This prompted Hipkins to stand Wood down from his role this morning while the issue is resolved.
Hon Kieran McAnulty has now been appointed as the acting Transport Minister.
Hipkins issued a statement saying that Wood intends to sell the shares in Auckland International Airport as soon as possible.
“He has also indicated he will work through with the Registrar of Pecuniary Interests how best to resolve the issues around his past declarations,” added Hipkins.
Hipkins will provide an update on Wood’s future in Parliament at 4pm today during a post-Cabinet press conference.