The name of an accountant charged with authorising millions of dollars in fraudulent transactions linked to collapsed insurer CBL Insurance will not be revealed for at least another fortnight, according to a Stuff.co.nz report.
Among the charges the accountant faces are the alleged breaching of Reserve Bank of New Zealand (RBNZ) directions by authorising payments of over $12 million to the United Speciality Insurance Company in Texas, and failing to that disclose that CBL Insurance’s €12.5 million term deposit in a bank in Samoa was the same amount lent to a financial firm in Singapore.
If found guilty, the accountant could be looking at maximum jail terms between seven to 10 years per charge.
However, the accountant will remain anonymous for the time being. According to Stuff.co.nz, judge Andrea Manuel “extended [the] interim name suppression to March 13, when the court will hear arguments on whether his name should stay out of the public domain.”
Meanwhile the SFO is said to be opposed to the extension of the name suppression.
