Well, no, first of all, because they've only apologized for not recusing themselves at the final cabinet meeting. Neither of them has apologized for having their staff involved right through the entire process, participating in it, and—once we see the full communication record—maybe trying to influence it and rig it in favour of WE Charity.
Second, apologies, as in other areas of enforcement of law, go to what kind of sentence or penalty you pay; they don't excuse your behaviour. They just possibly mitigate what kind of penalty you might pay based on how quickly you apologize and whether you show remorse.
No, they're not adequate at all. That's why we need very high penalties put into the law so they'll have to pay a penalty no matter what.