Lord Ashcroft choked up presenting a Bomber Command squadron leader with his Second World War medals, saving them from being auctioned off.
The British business man this morning gave Tauranga veteran Les Munro the medals, his flying log book and other memorabilia at a ceremony in Motat.
As he prepared to hand them over, Lord Ashcroft said ; "I'm sorry if I found a little emotional. I'm a hard hearted businessman but this is my passion."
Read more: Dambuster Les Munro to present medals to Motat
Mr Munro then presented the medals and memorabilia to Motat where they will be housed.
Mr Munro, 95, the last surviving Dambuster pilot, had planned to sell the medals to raise money for the upkeep of London's Bomber Command Memorial.
However, he then agreed to a deal proposed by Lord Ashcroft, who offered to donate $150,000 towards the memorial's ongoing upkeep.
In return, Mr Munro has donated his medals, logbooks and other memorabilia to Motat.
Mr Munro said he was "comforted" by knowing that his medals would remain in New Zealand and would be on display in close proximity to a Lancaster bomber of which he flew most of his missions.
The veteran was referred to as a "true hero" by Prime Minister John Key.
- NZME.