There have been no further developments with regard to the $14.5 million lawsuit filed against the Government regarding the Government’s shipping policy.
The Government does not anticipate that any payment will be made as a result of this claim. However, it will continue to include the maximum amount as a contingent liability.
The Government also holds NZ$4.5 million in uncalled capital shares, comprising shares of $1.7 million in the Asian Development Bank and $2.8 million in the Bank of the Cook Islands.
Complete report: MFEM, Half Year Economic and Fiscal Update