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By Wednesday, 22 May 2024

CBL appeal to go ahead

The Deputy Solicitor-General, on behalf of the Serious Fraud Office (SFO) as prosecutor, sought leave to appeal charge 1 and charge 8 in the High Court’s decision acquitting Peter Harris and Carden Mulholland.

Charge 1 against Peter Harris alleges a NZ$42,136,416 payment to Alpha Insurance A/S (Alpha) was a breach of a direction issued by the regulator, the Reserve Bank of New Zealand, under the Insurance (Prudential Supervision) Act 2010.

Charge 8 against Peter Harris and Carden Mulholland alleges they omitted to disclose the true nature of a deposit of €12,500,000 placed by CBL with the National Bank of Samoa.

The Court of Appeal has ruled the appeal will proceed on two questions of law underpinning the acquittals on charges 1 and 8. The Crown did not seek leave to appeal the remaining six acquittals.

More information

  • CBL had a market valuation of just under $750 million when it collapsed in 2018 in one of New Zealand’s largest corporate failures.
  • See Case timeline(external link)

About the SFO 
The SFO is responsible for investigating and prosecuting serious or complex fraud, including bribery, and corruption in New Zealand. With a focus on maintaining integrity and trust in the financial system, the SFO has developed strategic areas of focus to ensure it has the greatest impact with the cases it takes in. These are reviewed and updated every 12-18 months. SFO Strategic Areas of Focus(external link)(external link)

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