In another embarrassment for New Zealand's Labour government, Michael Wood has resigned as a cabinet minister for failing to manage conflicts of interest.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Mr Wood fell on his sword on Wednesday after an investigation into his financial interests revealed a previously undisclosed shareholding in a family trust.
The former transport minister was already the subject of a probe after forgetting to sell shares in Auckland airport.
Incredibly, Mr Wood received 12 warnings from the cabinet office but each time failed to sell about $NZ16,0400 ($A14,900) worth of shares.
Prime Minister Chris Hipkins accepted Mr Wood's resignation after he reported the new shares in telecommunications and banking.
The ownership gave rise to a perceived conflict over immigration decisions.
"While I do not believe Michael Wood has acted with any intent of personal gain, his actions have let himself and the government down," Mr Hipkins said on Wednesday.
"He is a talented and hardworking minister.
"However, he has shown a serious lapse of judgment and has taken the appropriate action by resigning."
Mr Wood issued a statement after taking leave from parliament to return to his home in Auckland.
"There has not been a second of my political career where any of my financial interests have influenced my actions or even crossed my mind," he said.
"That being said, I acknowledge the rules are in place for a reason and it is incumbent on Ministers to manage not just the reality, but also the perception of any conflicts."
First elected in 2016, Mr Wood's political star rose so quickly he considered a tilt at the leadership vacated by Jacinda Ardern in January.
He will now serve out the term on the backbench and hope Labour can overcome this latest setback to win a third term in government at the October 14 election.
Mr Hipkins admitted his exasperation with another integrity failing.
"I have found this episode deeply frustrating," he said.
"It is still an issue I don't fully understand."
Mr Hipkins also announced reforms to tighten up New Zealand's disclosure regime.
In an extraordinary rate of turnover, Labour has lost eight ministers this year.
Some, such as Ms Ardern, have resigned.
Others, such as Mr Wood and police minister Stuart Nash, have been sacked for breaches of cabinet rules, while another, Meka Whaitiri, defected to the Maori Party.
"The way things are going Labour is going to run out of ministers before October," ACT leader David Seymour said.
"If Hipkins doesn't have the talent to keep a government running he should bring the election forward."
Opposition Leader Chris Luxon labelled the churn "malarkey".
"This is a government falling apart," he said.
"The wheels are coming off.
"There's integrity issues and personnel issues every single week and New Zealanders are over it."
DROPPING LIKE FLIES: NZ LABOUR MINISTERS TO DEPART THIS YEAR
Jacinda Ardern (prime minister) - retired
Poto Williams (conservation) - retiring
David Clark (commerce) - retiring
Aupito William Sio (Pacific people) - retiring
Phil Twyford (disarmament) - demoted
Meka Whaitiri (veterans) - defected
Stuart Nash (police) - sacked
Michael Wood (transport) - resigned
Australian Associated Press
