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CBL Appeal To Go Ahead
The Court of Appeal has granted leave to appeal two of the eight charges the defendants were acquitted of in the CBL prosecution.
The Deputy Solicitor-General, on behalf of the Serious Fraud Office (SFO) as prosecutor, sought leave to appeal charge 1 and charge 8 in the High Court’s decision acquitting Peter Harris and Carden Mulholland.
Charge 1 against Peter Harris alleges a NZ$42,136,416 payment to Alpha Insurance A/S (Alpha) was a breach of a direction issued by the regulator, the Reserve Bank of New Zealand, under the Insurance (Prudential Supervision) Act 2010.
Charge 8 against Peter Harris and Carden Mulholland alleges they omitted to disclose the true nature of a deposit of €12,500,000 placed by CBL with the National Bank of Samoa.
The Court of Appeal has ruled the appeal will proceed on two questions of law underpinning the acquittals on charges 1 and 8. The Crown did not seek leave to appeal the remaining six acquittals.
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