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CBL

Page last updated: 17 Dec 2019

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.

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. Read the media release.

12 November 2018

The FMA publishes an update about the ongoing investigation. See media release.

14 August 2018

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

The judge stated in his decision “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. See media release

17 May 2018

The FMA publishes an update about the ongoing investigation. See media release.