Statement of Unappropriated Expenditure for the Year Ended 30 June 2005
(Figures are GST inclusive where applicable)
The Statement of Unappropriated Expenditure details the amount of expenditure incurred above appropriation.
2004
Unappropriated
Expenditure
$000 (thousands of dollars) | | 2005
Actual
$000 (thousands of dollars) | 2005
Appropriation
Voted
$000 (thousands of dollars) | 2005
Unappropriated
Expenditure
$000 (thousands of dollars) |
|---|
| | Vote: Commerce | | | |
|---|
| | Non-Departmental Other Expenses to be incurred by the Crown | | | |
|---|
| - | Securities Commission Litigation Fund | 1,693 | 1,394 | 299 |
|---|
| 1,318 | Commerce Commission Litigation Fund | - | - | - |
|---|
Vote: Commerce
During the financial year, the Securities Commission initiated its first two insider trading cases in 2004, both of which are currently before the Courts but have not yet come to trial. These proceedings related to share trading in Tranz Rail Holdings Limited (now called Toll NZ Ltd) and share trading in Provenco Group Limited.
Both cases are actions under section 18A of the Securities Markets Act 1988. Expenditure during the 2004/2005 year associated with the first case alone was $1,340,000 against the appropriation of $1,394,000.
The financial implications were not able to be incorporated in the Supplementary Estimates due to significant costs incurred in the last quarter of the year after the deadline for Supplementary Estimates submissions.
The Minister of Finance has approved $299,000 of unappropriated expenditure in terms of the Public Finance Act 1989.
This statement is to be read in conjunction with the Statement of Accounting Policies and Notes to the Financial Statements.
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