The state corruption commission has dropped its investigation into whether a former NSW minister acted corruptly by failing to declare a conflict of interest.

Last August Premier Chris Minns said he believed the then minister for the Hunter, Tim Crakanthorp, had failed to comply with his ministerial obligations by not providing timely information about potential conflicts of interest arising from private family holdings in the Hunter region.

The Premier said he had referred the matter to the ICAC and sacked Mr Crakanthorp from his ministerial portfolio.

The ICAC said in a statement on Wednesday it didn’t believe Mr Crakanthorp had acted corruptly.

“As the Commission is satisfied that there are no reasonable prospects of finding Mr Crakanthorp’s conduct is sufficiently serious to justify a finding of corrupt conduct, it has terminated its investigation,” it said.

The ICAC has prepared a report on its preliminary investigation and handed it to the Cabinet Office and Mr Minns.

“The report has been provided so that they are appraised of the outcome of the Commission’s investigation, the Commission’s findings and for the purpose of taking any action they consider appropriate,” the ICAC said.

Mr Minns is understood to be taking legal advice on whether to release the report.