Regulatory Alerts2026-05-01
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FMA discontinues CBL IPO Proceeding against the Hutchison Estate
The Financial Markets Authority has discontinued its legal proceeding against the estate of Alistair Hutchison regarding the 2015 CBL Corporation Limited IPO. This decision follows recent settlements with CBL and director Peter Harris, which the regulator determined made further action against the estate unnecessary for the public interest. The matter will conclude once the High Court determines the appropriate pecuniary penalties and potential banning orders for the remaining defendants.
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01 May 2026
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Media Release MR No. 2026 – 21
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – has discontinued its proceeding against the executor of the estate of Alistair Hutchison relating to the 2015 Initial Public Offering (IPO) by CBL Corporation Limited (CBL) (in liquidation).
Margot Gatland, the FMA’s Head of Enforcement, said following the FMA’s recent settlements of the IPO Proceeding against CBL Director Peter Harris and CBL , the FMA no longer considers it is in the public interest to pursue the Estate.
“Having reached settlements with Mr Harris and CBL, the Estate was the sole remaining defendant. Following the admissions that have been made by CBL and Mr Harris, continuing the proceeding was unlikely to result in further outcomes that would best serve the public interest in this particular case,” says Ms Gatland.
“The only remaining issues relate to the appropriate pecuniary penalties to be imposed on Mr Harris and CBL and whether a banning order should be made against Mr Harris. These will be determined by the High Court in due course. Once these issues have been determined by the court, all of the FMA’s proceedings relating to CBL will be at an end.”
ENDS
Media contact: Media.fma@fma.govt.nz?subject=Enquiry%3A%20FMA%20discontinues%20CBL%20IPO%20Proceeding%20against%20the%20Hutchison%20Estate
Non-media queries: questions@fma.govt.nz?subject=Enquiry%3A%20FMA%20discontinues%20CBL%20IPO%20Proceeding%20against%20the%20Hutchison%20Estate