Minister Responds to Equiticorp Judgement

  • Paul East
Attorney-General

The Attorney-General, Hon Paul East, said today that the Crown was closely considering the detail of the judgement in the Equiticorp case and would be announcing a decision on an appeal by the end of the month.

"The Government has noted that the Judge has today refused to award compound interest as sought by the plaintiffs and has instead awarded simple interest. The result is that the award of interest is some $100 million less than the amount that was the subject of speculation by a number of commentators.

"It should be noted that the total amount of the judgement is less than that which the Government has recognised as a contingent liability.

"I intend to refrain from further comment about this decision because of the likelihood that an appeal will be lodged," said Mr East.