Reid loses home after dropping fight to keep assets

Disgraced former government prosecutor Warwick Reid has abandoned his battle to stop the New Zealand authorities seizing his assets, which include the family home.

In a deal struck with Crown lawyers, the Reid family will be allowed to rent the house at market rates for six years until the youngest of their three children is 16.

Reid was jailed for the second time - for 2.5 years - last year over a NZ$1 million (HK$5 million) payoff he received for swearing a false affidavit on behalf of Malaysian-Hong Kong business tycoon Ch'ng Poh, but was released after nine months.