close
MENU
Law
4 mins to read

FMA agrees $4.1m penalties for CBL directors

High Court approval sought for deal featuring higher penalty for Tony Hannon than chair Sir John Wells as four independent directors accept ‘mistakes were made’.

CBL chair Sir John Wells has agreed to pay a $1m penalty.

Tim Hunter Mon, 04 Dec 2023

The four independent directors of failed insurer CBL have agreed to pay penalties totalling $4.1 million for Financial Markets Conduct Act breaches in the months before the company’s $747m collapse in early 2018.

The highest penalty of $1.1m was allocated to director Tony Hannon, with $1m each for

Want to read more? It's easy.

Choose your best value subscription option

Student

Exclusive offer for uni students studying at a New Zealand university (valued at $499).
Individual
Group membership
NBR Marketplace

Yearly Premium Online Subscription

NZ$499.00 / yearly

Monthly Premium Online Subscription

NZ$44.95 / monthly

Smartphone Only Subscription

NZ$24.95 / monthly

Premium Group Membership 10 Users

NZ$350+GST / monthly

$35 per user - Pay by monthly credit card debit

Premium Group Membership 20 Users

NZ$600+GST / monthly

$30 per user - Pay by monthly credit card debit

Premium Group Membership 50 Users

NZ$1250+GST / monthly

$25 per user - Pay by monthly credit card debit

Premium Group Membership 100 Users

NZ$1875+GST / monthly

$18.75 per user - Pay by monthly credit card debit

Yearly Premium Online Subscription + NBR Marketplace

NZ$499.00 / yearly

Already have an account? Login
Tim Hunter Mon, 04 Dec 2023
Contact the Writer: thunter@nbr.co.nz
News tip? Question? Typo? Let us know: editor@nbr.co.nz
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
FMA agrees $4.1m penalties for CBL directors
Law,
101980
true