Peter Harris, former chief executive of CBL Insurance, is determined to plead not guilty to fraud charges brought by the Serious Fraud Office (SFO).
Harris, who is represented by Rachael Reed QC and Jack Cundy of Lee Salmon Long, said he would not seek name suppression, and he would defend the charges at his first appearance in the Auckland District Court, scheduled for today (Tuesday, February 04).
“Although I am very disappointed that the SFO has taken this action against me, I welcome the opportunity to finally bring the wider picture of the CBL saga before the court after the SFO and RBNZ jointly announced the investigation in June 2018,” he said in a statement.
“The court is a proper forum to respond to these allegations and to challenge the regulatory response that placed CBL Insurance Group, and its investors’ funds, at risk. Given the matters are now before the court it is not appropriate to comment further. The full facts will be before the court and in the public domain in time.”
CBL Insurance is part of CBL Corporation, which had $1.73 shares on the New Zealand sharemarket in October 2015. Its stock rose to more than $3 two years later until its insurance units were forced to wind down.
The SFO is expected to release more details of the fraud charges stemming from a joint investigation with the Reserve Bank of New Zealand (RBNZ) during a preliminary hearing.
