But a report from the watchdog remains secret as the premier seeks legal advice over its release and the opposition demands further disclosure.
Newcastle MP Timothy Crakanthorp was in cabinet for just under four months after the Chris Minns-led Labor won the March 2023 state election.
Mr Minns asked him to resign in August after the former minister for the Hunter, skills, TAFE and tertiary education lost the premier's confidence over undisclosed family property holdings.
Mr Crakanthorp did not disclose property owned by his wife and her family in the Newcastle suburb of Broadmeadow, in the Hunter region that one of his ministries covered.
He said he self-reported the breach after becoming aware of his in-laws' holdings and the potential conflict of interest.
The matter was referred to the Independent Commission Against Corruption (ICAC), which announced on Wednesday it had closed its preliminary investigation.
"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," the watchdog said in a statement.
A report has been provided to Mr Minns and the cabinet office secretary, who could still take action.
A spokeswoman for the premier said legal advice was being taken on publishing the document.
"There are clearly public interest considerations in favour of disclosure of the ICAC's report," she said.
Mr Crakanthorp's office was contacted for comment.
Opposition leader Mark Speakman and shadow attorney-general Alister Henskens said unanswered questions remained about Mr Crakanthorp's conduct and called for the report's release.
But they have also sought details about what Mr Crakanthorp may have done while he was a minister, and say Mr Minns has refused to release it by citing the ICAC investigation.
"This is no longer a valid reason to withhold this information," their statement read.
Mr Minns said in September he would wait to see if ICAC launched a formal investigation, rather than the preliminary probe it has now terminated, before a decision was made on Mr Crakanthorp's Labor membership.Â
Police Minister Yasmin Catley took on responsibility for the Hunter following Mr Crakanthorp's forced resignation, while Steve Whan became skills, TAFE and tertiary education minister.
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