MBIE suspends America’s Cup event funding for probe

Thu, 02 Jul 2020

The Ministry of Business, Innovation and Employment has suspended $11 million of funding to help host the 36th America’s Cup in Auckland next year while claims of mismanagement are investigated.The government has paid $29 million of a $40 million allocation to America’s Cup Events Ltd, the entity set up by Emirates Team New Zealand to manage the event.MBIE is investigating claims that funds were misused, and today said it won’t make any more payments until it works through that investigation.“This will be revisited pendi...

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