The Financial Markets Authority (FMA) – Te Mana Tātai
Hokohoko – has discontinued its proceeding against the
executor of the estate of Alistair Hutchison relating to the
2015 Initial Public Offering (IPO) by CBL Corporation
Limited (CBL) (in liquidation).
Margot Gatland, the
FMA’s Head of Enforcement, said following the FMA’s
recent settlements of the IPO Proceeding against CBL
Director Peter Harris and CBL,
the FMA no longer considers it is in the public interest to
pursue the Estate.
“Having reached settlements with
Mr Harris and CBL, the Estate was the sole remaining
defendant. Following the admissions that have been made by
CBL and Mr Harris, continuing the proceeding was unlikely to
result in further outcomes that would best serve the public
interest in this particular case,” says Ms
Gatland.
“The only remaining issues relate to the
appropriate pecuniary penalties to be imposed on Mr Harris
and CBL and whether a banning order should be made against
Mr Harris. These will be determined by the High Court in due
course. Once these issues have been determined by the court,
all of the FMA’s proceedings relating to CBL will be at an
end.”
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