New Zealand’s Financial Markets Authority (FMA) has entered into a settlement with CBL Corporation Limited director Peter Harris to resolve its claims against him in the regulator’s proceeding relating to CBL’s 2015 initial public offering. Under the settlement, Harris has agreed to admissions of liability for two contraventions of the Financial Markets Conduct Act 2013. The settlement addresses liability only, with remaining issues to be determined by the High Court at a disputed penalty hearing. The amount of any pecuniary penalty and whether a banning order should be made against Harris remain in dispute. The IPO proceeding continues against CBL, which is in liquidation, and the executor of the estate of former director Alistair Hutchison, with the trial scheduled to commence in the High Court on 14 April 2026.
New Zealand Financial Markets Authority 2026-04-13
New Zealand Financial Markets Authority settles with CBL director Peter Harris with liability admissions in 2015 IPO case
The New Zealand Financial Markets Authority has reached a settlement with CBL Corporation Limited director Peter Harris regarding its claims over CBL’s 2015 initial public offering, with Harris admitting liability for two contraventions of the Financial Markets Conduct Act 2013. The settlement covers liability only, with the High Court to determine any pecuniary penalty and potential banning order, while the IPO proceeding continues against CBL (in liquidation) and the executor of former director Alistair Hutchison’s estate.