NZ minister steps down for fraud probe

New Zealand Foreign Minister Winston Peters has stood down from his Cabinet posts while inquiries into fraud allegations are completed.

Mr Peters is battling a fraud investigation by the Serious Fraud Office and claims that he failed to declare to Parliament a private NZ$100,000 (€48,000) donation from a billionaire.

Mr Peters says he will stand down while the SFO investigation is under way, after a meeting with Prime Minister Helen Clark today.

Ms Clark says she will become the acting minister in his foreign affairs, associate senior citizens and racing portfolios and she hopes the inquiry “will address these matters expeditiously”.