The High Court has ordered Peter Harris, the former head of the collapsed CBL Insurance group, to pay $1.4 million for breaching financial market rules.
The penalty follows a settlement with the Financial Markets Authority (FMA), which accused Harris of failing to disclose critical financial information about CBL, including the need to strengthen reserves and unpaid insurance premiums.
Harris was also charged with misleading conduct related to statements made to the stock exchange.
The court noted the damage caused by Harris’s actions to market integrity and investor confidence. The CBL group, once valued at $750 million, collapsed in 2018 amid regulatory investigations.
Image credit: Unsplash+
