CBL

The FMA investigation into the conduct of CBL Corporation Limited (“CBL”) and its directors is ongoing.

The FMA has completed a preliminary assessment of the information obtained as part of the investigation to date and has concerns about potential breaches of the Financial Markets Conduct Act 2013 (“FMC Act”) and the Companies Act 1993 (“Companies Act”) for:

• Disclosures made as part of the initial public offer;
• Continuous disclosure, in particular for matters which arose from mid-2017;
• Financial reporting;
• Directors duties.

22 August 2024 

The High Court has ordered Peter Harris, the former CBL Corporation Limited (In Liquidation) (CBLC) managing director, to pay a penalty of $1.4 million for continuous disclosure and misleading conduct breaches following proceedings brought by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – under the Financial Markets Conduct Act 2013 (FMCA) (the Continuous Disclosure Proceeding).

• Related media release: CBL managing director Peter Harris ordered to pay $1.4m penalty for fair dealing and continuous disclosure breaches
   

25 March 2024

The FMA and Mr Harris have entered an in-court settlement to resolve the Continuous Disclosure Proceeding on terms acceptable to both parties. A penalty hearing before the High Court in Auckland will take place in due course.

• Related media release: CBL managing director Peter Harris admits continuous disclosure and fair dealing contraventions and agrees Enforceable Undertaking.

22 December 2023

The High Court has ordered CBL Corporation Limited (CBLC) and four of its former directors to pay penalties for continuous disclosure and misleading conduct breaches following proceedings brought by the FMA under the Financial Markets Conduct Act 2013.

• Related media release: CBL Corporation and four independent directors ordered to pay penalties for conduct including reckless and careless breaches of the Financial Markets Conduct Act.

12 June 2023

FMA has reached agreement with CBL Corporation Limited (In Liquidation) (CBLC) and four of its former directors in respect of the FMA's claims of continuous disclosure breaches and misleading conduct.

• Related media release: FMA reaches agreement with CBL Corporation and four independent directors on continuous disclosure breaches

December 2019

We issued two sets of civil proceedings in the Auckland High Court against CBL Corporation Limited (in liquidation), the six directors and the chief financial officer, alleging multiple breaches of the Financial Markets Conduct Act 2013.

• Related media release: FMA files civil proceedings against CBL Corporation, its directors and chief financial officer.

12 November 2018

The FMA publishes an update about the ongoing investigation.

• Related media release: CBL Investigation update

14 August 2018

Decision announced that continuous disclosure obligations do not apply during administration.

The judge stated in his decision on 13 August 2018 “that the disclosure/reporting obligations of an issuer in voluntary administration are contained within Part 15A of the Companies Act and while the issuer is in administration, the continuous disclosure obligations are suspended.”

6 August 2018

Hearing held at the Auckland High Court.

13 July 2018

The FMA announced its intention to file a case stated procedure on the issue of continuous disclosure obligations for listed issuers in voluntary administration.

17 May 2018

The FMA publishes an update about the ongoing investigation.