Suspended Transport Minister Michael Wood has confirmed he has sold his shares in Auckland Airport and has donated the proceeds to charity.
It follows a revelation on Tuesday he had not immediately declared possession of the shares, which were worth about $16,400.
He has previously said he bought the shares as a teenager, and had believed them to have been in a trust. He had begun a process to sell them last year which he said was "stalled". Yesterday it was revealed the Cabinet Office communicated with him about the shares on 12 separate occasions.
National have said the shares amounted to a conflict of interest for Wood as Transport Minister, and also breached Cabinet Manual rules.
A high-powered parliamentary watchdog has now launched an investigation into the delay. (Source: 1News)
Prime Minister Chris Hipkins stood Wood down from the role this week while Wood addressed the issue and sold the shares. This morning it was announced an inquiry into Wood's actions would be undertaken. He remains in Cabinet in other roles.
Today, Wood said he had not been across "detailed information" and it was an "error" and he had not "deliberately misled".
He said he had put selling the shares "to the side" while he focused on his work.
"I do acknowledge these are major errors on my part. I deeply, deeply regret them."
While the shares had previously been estimated to be worth about $13,000, he received about $16,400 for them when sold and clarified the sum had been donated to the Anglican Trust for Women and Children.
He said he welcomed Parliament's inquiry into the matter.
He said he had not yet had a further conversation with Hipkins now he had sold the shares but said he expected to in the coming days.
He had not offered his resignation, he said.
"[Hipkins] has, I think, been firm with me but also fair. He has instructed me on what he wants me to do to put this right, and I've been focused on doing that.
"I have let the prime minister down, I have let my colleagues down, I have let myself down."
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