The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko has reached a full and final settlement with CBL Corporation Limited (CBL) (in liquidation). The settlement resolves the FMA's claims against CBL in relation to its 2015 Initial Public Offering (IPO).
The settlement marks another key step forward, in the long running proceedings arising from the collapse of the insurer CBL in 2018, according to the FMA's Head of Enforcement, Margot Gatland. It follows the FMA's recent settlement of its case against CBL Director Mr Harris .
The FMA took civil proceedings against CBL following the company's listing on the NZX in October 2015 and subsequent collapse in February 2018 when it was valued at $750 million.
"We did this because misleading or providing inadequate information to investors is unacceptable," says Ms Gatland.
"New Zealanders need to know that we will hold issuers to account to protect investors and ensure New Zealand's financial system works for everyone.
"Having now reached full and final settlement with CBL, the parties will proceed to a pecuniary penalty hearing before the High Court."
