Former CBL Insurance CFO Carden Mulholland has been ordered by the High Court to pay more than $1.2 million in penalties and legal costs after being found liable as an accessory to the company’s breaches of financial disclosure rules.
The court found Mulholland knowingly took part in decisions that delayed key financial information from being released to investors, including the group’s need for a $100 million reserve boost and directives from Irish regulators.
The Financial Markets Authority (FMA), which brought the case, emphasized the importance of the ruling—the first of its kind in New Zealand against a CFO under the Financial Markets Conduct Act.
CBL collapsed in 2018 after a meteoric rise post-2015 IPO, and one further FMA case remains pending for a 2026 hearing.
Image credit: Jakub Zerdzicki
