Public money earmarked for the America’s Cup – a $3 million loan to Team New Zealand – has been “reclassified”, and a payment made to a “Hungarian bank account through fraud”, according to allegations outlined in an MBIE and Auckland Council letter.

The confidential June 22 letter, obtained by the Herald, reveals allegations around the handling of public money; the operation of the Cup itself and worries about public safety; and it lifts the lid on officials’ concerns…

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