Court of Appeal decision for CBL Insurance case
Former CBL Insurance Chief Executive Officer and Managing Director Peter Harris, and former Chief Financial Officer Carden Mulholland, were found not guilty in September 2023 on charges brought by the SFO.
The Court of Appeal granted the Crown leave to appeal in October 2023, to consider two questions of law relating to Charge 1 against Mr Harris and Charge 8 against Mr Mullholland and Mr Harris.
By way of its judgment delivered on 2 April 2026, the Court found that the High Court did not err and dismissed the appeal.
This was an important case for the SFO to put before the Courts. CBL had a market valuation of just under $750 million when it collapsed in 2018, in one of New Zealand’s largest corporate failures.
Allegations of corporate fraud are damaging to New Zealand’s reputation as a safe place to do business, and the economic benefits this affords us. It is particularly critical that we investigate allegations that undermine confidence in our businesses, regulatory systems and financial controls.