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."
