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  1. #801
    Legend Balance's Avatar
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    https://www.nzherald.co.nz/business/...ectid=12281495

    And so it begins.

    "CBL shareholders taking a class action against the former directors of the failed insurance company say they have filed a statement of claim in the Wellington High Court outlining serious allegations including breaches of continuous disclosure and insider trading."

  2. #802
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    Now a complaint has been laid against IMF because they're apparently misleading shareholders about why they're only suing the company. Is it really normal practice to only sue the company itself and not the directors who are likely to have directors insurance?

    https://www.nzherald.co.nz/business/...ectid=12288622

  3. #803
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    And it continues...now it looks like the Australian backed claim is using an unusual way of counting how many shares they have signed up. Not sure about the term aggregate purchases, wouldn't this grossly overstate how many shares a shareholder had when CBL was put into liquidation?

    https://www.nbr.co.nz/story/cbl-clas...ups-questioned

  4. #804
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    https://www.nzherald.co.nz/business/...ectid=12294563

    Civil and criminal charges filed against directors and company.

  5. #805
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    Peter Harris fighting the charges.....

    https://www.stuff.co.nz/business/119...ht-sfo-charges

  6. #806
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    Keeping on fighting those charges!

    https://www.stuff.co.nz/business/ind...-fraud-charges

  7. #807
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    Quote Originally Posted by Sideshow Bob View Post
    Jeez - the alleged fraud happened around October 2014 and the trial date is set for September 2021, and that's just the first trial. No doubt there will be a revision and at some stage a supreme court hearing. What do we think if they rush it through they might come to a final verdict by 2030 - or is this stretching it?

    Justice delayed is justice denied.

    The New Zealand justice system for any sort of fraud allegations is a joke! No matter what the final verdict against Harris (if he is still alive at that stage, hey - he is already 64 and the trials haven't yet started ... anybody who wants to commit fraud on this level can freely roam our board rooms. Even if they get caught it would take decades to get them behind bars ...
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  8. #808
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    Quote Originally Posted by BlackPeter View Post
    Jeez - the alleged fraud happened around October 2014 and the trial date is set for September 2021, and that's just the first trial. No doubt there will be a revision and at some stage a supreme court hearing. What do we think if they rush it through they might come to a final verdict by 2030 - or is this stretching it?

    Justice delayed is justice denied.

    The New Zealand justice system for any sort of fraud allegations is a joke! No matter what the final verdict against Harris (if he is still alive at that stage, hey - he is already 64 and the trials haven't yet started ... anybody who wants to commit fraud on this level can freely roam our board rooms. Even if they get caught it would take decades to get them behind bars ...
    Justice delayed is indeed justice denied - and no excuse for a so-called first world country like NZ to drag the trial out until 2021!

    If it is any comfort to those who lost money because of the alleged fraud, the delay will not be an easy burden for the accused either.

    Imagine the stress of the pending court case & the threat of jail time for a 64 year old like Harris - it does not get easier to do jail time as he gets older.

  9. #809
    always learning ... BlackPeter's Avatar
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    Interesting Supreme Court decision related to directors duties (in this case related to Debut):

    https://www.nzherald.co.nz/business/...ectid=12369816 (Paywalled)

    More than 600,000 Kiwi companies risk losing limited liability protection unless they are more cautious when facing financial difficulty, say the lawyers who acted in a landmark Supreme Court case.

    The litigation, which focused on Debut Homes Limited (Debut) and the actions of its director Leonard Cooper, is the first time the country's top court has squarely considered directors' duties.

    The Supreme Court found that if a company reaches the point where it is clearly not salvageable and continued trading will result in a shortfall to creditors, directors should immediately close or at least ensure creditors fully understand the risks.
    Should be very relevant for the situation CBL was in for months (and possibly for years) ... without telling anybody.
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  10. #810
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    Just in case someone is still interesting in this sad story. Taken from BusinessDesk:


    "Deal or no deal?

    Spotted on Shortland Street this week: former CBL Corporation boss Peter Harris holding his trademark cane in one hand, with the other shaking the hand of none other than LPF Group director Phil Newland, the litigation funder bankrolling a multimillion-dollar class action alleging Harris breached directors duties, among other things, ahead of the insurer’s mega downfall.

    Could a settlement be on the cards, we queried? Alas, Newland responded, no, he’d just seen Harris on the street and said hello as a “common courtesy". Very well then.

    We have since learnt a February 2021 date has been set for the next major pretrial skirmish over how the two CBL investor class actions can proceed...and so the wheels of justice roll on. "

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