Wells resigns from CBL board as FMA takes early view it may have broken disclosure, reporting rules

Fri, 13 Jul 2018

By Paul McBeth July 13 (BusinessDesk) - John Wells resigned as chairman of CBL and two other directors joined him in departing the board after the Financial Markets Authority said it was concerned the failed insurer had breached disclosure and reporting rules and directors hadn't met their fiduciary obligations. The market watchdog is working with the Reserve Bank and Serious Fraud Office in investigating the insurer after prudential supervisors in New Zealand and Ireland sought interim liquidation orders in their respective jurisdiction....

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