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James Wallace knighthood formally removed

King Charles has approved the cancellation of businessman James Wallace's knighthood.

Wallace was named in June as the man who had indecently assaulted three young men in the early 2000s, 2008 and 2016.

A millionaire patron of the arts, he was initially charged in 2017 but kept his name secret under suppression laws for years as the case ran through several appeals in the courts.

Speaking at the weekly post-Cabinet media briefing on Monday, Prime Minister Chris Hipkins said it was "totally inappropriate" for Wallace to hold the honour.

"I've had formal notification from King Charles that he has approved the cancellation of James Wallace's knighthood. I've written to James Wallace to advise him accordingly," Hipkins said.

"The government formally requested that the King cancel Mr Wallace's appointment as a knight companion of the New Zealand order of merit back in June. James Wallace was found guilty and imprisoned for serious crimes and it is totally inapprorpriate for him to hold any honour.

"He can no longer use the title of Sir or KNZM, and has been asked to return his warrant of appointment and his honours insignia."

For five years, Wallace was referred to in reporting of the case only as a "prominent businessman". He was said to have used his power and influence to pressure hundreds in the arts community for their support to keep him out of jail.

A house manager for Wallace's Epsom mansion, Mustafa Erinc Yikar, attempted to bribe a witness during an elaborate plot to aid the disgraced rich-lister.

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