New Zealand’s financial conduct regulator has agreed a settlement with CBL Corporation director Peter Harris over matters related to an initial public offering.

Mr Harris will make admissions of liability on two Financial Markets Conduct Act contraventions, with issues relating to the penalty to be determined by a court.

“While admissions have been made, the amount of any pecuniary penalty to be imposed and whether a banning order should be made against Mr Harris remain in dispute,” Financial Markets Authority head of enforcement Margot Gatland said today.

The High Court will decide the issues “in due course”, she says.

The settlement comes as a separate proceeding on the IPO is due to start in the High Court tomorrow, against CBL and the executor of the estate of former director Alistair Hutchison.

CBL, which is in liquidation, listed in October 2015 and collapsed in February 2018.

The Financial Markets Authority launched separate civil actions focused on documents issued before the IPO and over continuous disclosure and misleading conduct breaches in the period before the collapse.

The proceedings over the pre-collapse disclosure were concluded last year.