Today Peter Harris' co-accused argued in the High Court for his name to remain hidden from public eyes after the District Court earlier declined name suppression. Photo / File
Today Peter Harris' co-accused argued in the High Court for his name to remain hidden from public eyes after the District Court earlier declined name suppression. Photo / File
The man facing fraud allegations alongside former CBL chief executive Peter Harris has today argued for his name to remain suppressed.
Harris and his co-defendant were charged by the Serious Fraud Office (SFO) last December after an investigation began in June 2018 following the insurance company's collapse.
This morning, Harris'co-accused argued on appeal in the High Court for his name to remain hidden from public eyes after the District Court earlier declined name suppression.
However, the legal arguments and evidence heard at the hearing from defence lawyer David Jones QC and Auckland's Crown Solicitor Brian Dickey were suppressed by Justice Edwin Wylie until further order of the court.
The hearing was held with both Jones and Dickey appearing via video link due to Covid-19 restrictions.
Justice Wylie reserved his decision on whether to continue the man's name suppression.
The 65-year-old Harris, who was the CEO and managing director of CBL Insurance and the managing director of CBL Corporation from January 2007, was charged with five counts of theft by a person in a special relationship, two of obtaining by deception and a single charge of false accounting.
His co-accused faces single charges of theft by a person in a special relationship, obtaining by deception and false accounting.
Both men, who are on bail, first appeared in court in February and denied all the charges against them.
An eight-week trial has been scheduled to start in September next year, while an administrative hearing is due to be heard later this year.
After being charged, Harris said: "I welcome the opportunity to finally bring the wider picture of the CBL saga before the court after the SFO and RBNZ jointly announced the investigation in June 2018.
"The court is a proper forum to respond to these allegations and to challenge the regulatory response that placed CBL Insurance Group, and its investors' funds, at risk."
CBL had a market value of $747 million when its shares - valued at $3.17 - were suspended from trading on NZX and ASX in February 2018 after the company revealed the Reserve Bank (RBNZ) had been questioning its solvency. The specialty insurance firm debuted on the New Zealand sharemarket in October 2015 at $1.73 per share.
Peter Harris, pictured outside the High Court at Auckland earlier this month after appearing to face his criminal charges. Photo / Brett Phibbs
In May 2018, the Financial Markets Authority (FMA) announced an ongoing investigation, while CBL Corporation was also placed into liquidation by the High Court.
CBL Insurance was placed into liquidation in November 2018.
The FMA has filed two civil cases against CBL Corporation, including the six directors, alleging multiple breaches of the Financial Markets Conduct Act 2013.
Two class actions by CBL's shareholders were also launched, while the liquidators have further filed a case against the directors and PwC, which was CBL's actuary.
