Last week, stuff.co.nz published an article regarding New Zealand businessman Stephen Jennings, and his business activities in Kenya and Russia.

The article may have been interpreted as implying that Mr Jennings' business activities in those countries were unethical and open to criticism. It also implied that Mr Jennings was a business rival to Bill Browder, a well known American businessman, and wanted to destroy him.

Stuff.co.nz accepts that none of these statements or implications have any factual basis or legitimacy. No attempt was made to contact Mr Jennings prior to publication, and we accept that had we done so, the article would not have contained those statements or implications.

We accept that Mr Jennings is a respected and successful figure in the banking and business worlds, and we deeply regret any suggestion to the contrary. Accordingly, we unequivocally retract the factual errors and misleading implications contained in the article, and unreservedly apologise to Mr Jennings for any distress suffered by him and his family as a result.