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.

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