The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko has entered into a settlement with CBL Corporation Limited (CBL) director Peter Harris, to resolve its claims against him in its proceeding relating to CBL's 2015 Initial Public Offering (IPO). Under the settlement, Mr Harris has agreed to make admissions of liability in relation to two contraventions of the Financial Markets Conduct Act 2013.
Margot Gatland, the FMA's Head of Enforcement, said the settlement is a significant milestone in the long‑running proceedings arising from the collapse of CBL in 2018.
"The FMA has entered into a settlement with Mr Harris in respect of liability while allowing remaining issues relating to the appropriate penalty to be determined by the Court.
"While admissions have been made, the amount of any pecuniary penalty to be imposed and whether a banning order should be made against Mr Harris remain in dispute. These issues will be determined by the High Court at a disputed penalty hearing in due course."
The IPO Proceeding continues against CBL, which is in liquidation, and the executor of the estate of former director Alistair Hutchison. The trial of those matters, which is separate to the disputed penalty hearing against Mr Harris, is scheduled to commence in the High Court on Tuesday 14 April 2026.
