Stuart Nash’s political comeback implodes: What now for his business career? – Fran O’Sullivan
Stuart Nash believed he was on a fast track back to political power and would be a Cabinet minister once again after the November 7 election.
His confidence was such that he fully expected to speak as a Cabinet minister at next year’s influential Raisina Dialogue in New Delhi.
Earlier last month, he shepherded Samir Saran, the dialogue’s curator, to meet with various players, including me, in Wellington.
Saran heads the Observer Research Foundation, which runs the dialogue in partnership with India’s Ministry of External Affairs.
Prime Minister Christopher Luxon was the chief guest in March last year at what is seen as India’s flagship conference on geopolitics, geo-economics and, specifically, foreign policy.
Indian Prime Minister Narendra Modi sat in the front row while Luxon delivered a well-received address.
The speech was a key waypoint in Luxon’s campaign strategy to form a closer relationship with India. It embraced security as well as trade.
It would be highly surprising if Luxon were unaware that Nash was intent on serving in Cabinet again or that he wished to speak at Raisina.
The close-knit Wellington beltway would have related that back to the Prime Minister’s Beehive officials.
Notably, Saran is also a former New Zealand Prime Minister’s Fellow for India, appointed by Luxon.
Nash’s candidacy to represent NZ First for the Napier seat was announced on May 25.
What would have surprised was the former Labour Cabinet minister touting his ambition at a time when NZ First was in a huge standoff with Luxon over the India free trade agreement (FTA).
Leader Winston Peters and deputy Shane Jones were refusing to back the FTA and were actively campaigning against the deal to bolster NZ First’s chances at the November 7 election by, in Jones’ case, employing massive political hyperbole such as saying it would result in a “butter chicken tsunami”.
Maybe it suited Peters to have Nash presenting a softer image to India. He is, after all, a seasoned Foreign Minister and on good terms with India’s External Affairs Minister, S. Jaishankar.
But Nash’s presumption would have grated with Luxon, who, assuming he is returned to lead another coalition government including NZ First, will have his own ideas on which Cabinet minister would be best to represent New Zealand at Raisina.
Nash comprehensively shafted his political ambitions this week when he sent an indiscreet text to former National Cabinet minister Chris Finlayson, slagging off Napier’s National MP (who had taken extended maternity leave) as the “laziest MP I have ever come across”.
Finlayson, who makes no secret of his visceral hatred of NZ First, promptly exposed the text. Nash had made a huge political misjudgment.
There was no turning back.
On Wednesday, at 9.24pm, Luxon tweeted, “Whether reports of Stuart Nash’s resignation as a NZ First candidate are true or not, I am making clear he will not serve as a minister in my government.
“After several instances of poor behaviour, some politicians will claim he has changed. His lack of contrition after comments about one of my MPs’ maternity leave this evening shows he hasn’t.”
At 10.47pm, Peters tweeted, “Stuart Nash has offered his resignation as a candidate, and we have accepted.”
It seems improbable that Nash has another path back to political power.
But in retrospect, it is surprising that Peters and Jones endorsed his candidacy in the first place.
Former Labour Prime Minister Chris Hipkins sacked Nash from all his Cabinet portfolios on March 28, 2023, when he became aware of an email Nash had sent to two contacts about a commercial rent relief package that had been considered by Cabinet.
The recipients of the email had previously donated to Nash’s election campaign, and were commercial property owners who had an interest in the Cabinet decision discussed in the email.
In the email, Nash set out his opposition to the Cabinet decision, and described the positions that other named ministers had taken.
Hipkins considered this to be a clear breach of collective responsibility and Cabinet confidentiality.
Among the Cabinet ministers named were Peters and Jones.
Caniwi Capital’s Troy Bowker emailed back to Nash, “I think Winston and Shane either didn’t understand the full impact. It makes no sense to me the fact that they delayed it, pushed back on it for four weeks, only to cave in and give it away completely at Cabinet on Wednesday. It will cost them.”
With his political ambitions scuppered, Nash will presumably refocus on his business, Nash Kelly Global. This is a partnership with his friend and forestry player Andrew Kelly, in which Nash has 80% of the company and Kelly 20%. Nash’s wife, Sarah, is listed as vice-president of communications and brand.
The boutique advisory firm assists wealthy individuals with the New Zealand Golden Visa and relocation process.
Nash once had portfolio responsibility for the Active Investor Plus visa when he was Economic Development Minister.
Resurrecting his business career will be no easy process.
In October 2025, Trade and Investment Minister Todd McClay cut Nash out of a US trade trip over comments he made about women.
He had told the radio show The Platform that a woman was a “person with a p***y and a pair of t**s”. Nash apologised for the comments.
Texts from Nash to McClay, obtained by Newstalk ZB under the Official Information Act, included: “So have you really thrown me off this delegation because of something I said on Tuesday but have completely owned and accepted responsibility and apologised fulsomely for??? WTF.”
By June 2026, Nash’s reputation had recovered sufficiently for him to escort Saran to look at various investment opportunities in New Zealand.
Saran was formerly vice-president of corporate affairs at Reliance Industries, an Indian multinational conglomerate headquartered in Mumbai, led by Mukesh Ambani. As of June 2026, Ambani was reputed to be the richest person in Asia with a net worth of US$91.8 billion.
Reliance Industries is also the primary financial backer of Saran’s think tank. These are powerful connections.
Nash is at a turning point. The political souffle doesn’t rise three times.
He will have to knuckle down if his business career is to revive.
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