New Zealand Prime Minister Chris Hipkins has announced Immigration Minister Michael Wood's resignation from cabinet for failing to manage conflicts of interest.
Mr Wood was stood down as transport minister earlier this month after forgetting to sell shares in Auckland Airport.
In what was an embarrassing episode for the Labour government and Mr Wood, he failed to sell the shares despite 12 warnings from the cabinet office.
Mr Hipkins said on Wednesday a full investigation prompted by the airport shares revealed further investments in telecommunications and banking.
"While I do not believe Michael Wood has acted with any intent of personal gain, his actions have let himself and the government down," he said.
"He is a talented and hardworking minister.
"However, he has shown a serious lapse of judgment and has taken the appropriate action by resigning."
