The New Zealand Financial Markets Authority has discontinued its proceeding against the executor of the estate of Alistair Hutchison in relation to CBL Corporation Limited’s 2015 initial public offering. The regulator said that, following its recent settlements with CBL and former director Peter Harris in the same IPO case, it no longer considers it in the public interest to continue pursuing the Estate. After those settlements, the Estate was the sole remaining defendant. The FMA said the admissions made by CBL and Mr Harris meant that continuing the case was unlikely to produce further outcomes that would best serve the public interest. The remaining issues in the broader CBL matter are the pecuniary penalties to be imposed on CBL and Mr Harris and whether a banning order should be made against Mr Harris, which the High Court will determine in due course. Once those issues are resolved, the FMA said all of its proceedings relating to CBL will be at an end.
New Zealand Financial Markets Authority 2026-05-01
New Zealand Financial Markets Authority discontinues CBL IPO proceeding against Alistair Hutchison estate after settlements with CBL and Peter Harris
The New Zealand Financial Markets Authority has discontinued its proceeding against the executor of the estate of Alistair Hutchison in relation to CBL Corporation Limited’s 2015 initial public offering, citing that it is no longer in the public interest to pursue the case following settlements with CBL and former director Peter Harris. The remaining issues in the broader CBL matter concern pecuniary penalties for CBL and Mr Harris and a potential banning order against Mr Harris, which will be determined by the High Court.