Pursuant to section 65ZD(3) of the Public Finance Act 1989, the Minister of Finance makes the following statement:
"On the 1st day of October 2011, I, The Honourable Simon William English, Minister of Finance, on behalf of the Crown, gave an indemnity to the Trustees of
the Te Ariki Trust against any liability incurred by
any Trustee for which that person is entitled to be indemnified under clause 9.6 of the Trust Deed for the Te Ariki Trust out of the assets of the Te Ariki Trust (other than claim property), in circumstances where the assets or funds available to meet such indemnity are not sufficient to fully protect the Trustees from liability, namely:
(a) any liability which a Trustee incurs in successfully defending any criminal proceedings issued because of his or her actions or omissions in relation to the Te Ariki Trust; and
(b) any liability of a Trustee for any act done or omission made in the Trustee’s capacity as a Trustee (other than any criminal liability, any liability of any kind described in clause 9.5 of the Trust Deed or any liability for breach of fiduciary duty), including all costs the Trustee incurs in defending or settling any claim or proceedings relating to such liability.
This indemnity will be effective from the date of the declaration of trust, namely 1 July 2009 until termination of the Te Ariki Trust."
Dated at Wellington this 1st day of October 2011.
HON SIMON WILLIAM ENGLISH, Minister of Finance.