SFO Statement - CBL Verdicts
The Serious Fraud Office is considering today’s verdicts in the CBL Insurance case and says it will continue to prioritise investigating allegations of corporate fraud that threaten New Zealand’s reputation as a safe place to do business.
Former CBL Insurance Chief Executive Officer and Managing Director Peter Harris and former Chief Financial Officer Carden Mulholland were today found not guilty on theft, false accounting and obtaining by deception charges following a High Court trial in April.
CBL had a market valuation of just under $750 million when it collapsed in 2018 in one of New Zealand’s largest corporate failures.
“This was an important case for the SFO to take as the alleged conduct threatened New Zealand’s reputation as a safe place to do business and the trust placed in our institutions and business community,” says SFO Director Karen Chang.
“As New Zealand navigates a period of economic uncertainty, it is particularly critical that we investigate allegations of serious and complex fraud that undermine confidence in our businesses, regulatory systems and financial controls.”