RBNZ sought interim liquidation after CBL Insurance breached orders, paid $55M offshore

Thu, 01 Mar 2018

By Sophie Boot March 1 (BusinessDesk) - The Reserve Bank of New Zealand says it asked for CBL Insurance (CBLI) to be put into an interim liquidation after the company paid $55 million to overseas companies, breaching the central bank's orders. Parent company CBL Corp, an Auckland-based credit surety and financial insurance risk firm, had its stock suspended from the NZX on Feb. 8 amid concerns from NZX Regulation about the information it had given the market, following engagement between it, CBL, the Financial Markets Authority (FMA), the...

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