Gagging order lapses for fraud co-accused
Aman facing fraud allegations after the collapse of $747 million insurance company CBL can benamedfor the first time.
Heis the firm’s former chief financial officer Carden Mulholland.
The 49-year-old’s interimname suppression lapsed at 3pmyesterday after both the Supreme Court and Court of Appeal confirmed to the Herald no further application had beenmadeto extend the gag order.
Earlier this month, the Court of Appeal declined Mulholland continued suppression— the third attempt by the businessman to maintain secrecy after earlier unsuccessful bids in the District Court and High Court.
However, the reasons for the courts’ decisions remain suppressed until after Mulholland and former CBL chief executive Peter Harris’ trial starting in September next year.
Bothmenwere charged by the Serious Fraud Office (SFO) last December after an investigation began in June 2018, following CBL’S collapse in February that year. Whenthe Nzx-listed insurance firm folded, it had a market value of $747m.
Mulholland faces charges of theft by a person in a special relationship, obtaining by deception and false accounting.
Harris, 65, whowas also managing director of CBL Insurance and the managing director of CBL Corporation, faces five charges of theft by a person in a special relationship, two of obtaining by deception, and false accounting.
Hehas never soughtname suppression and has seemingly embraced the criminal proceedings.
“I welcome the opportunity to finally bring the wider picture of the CBL saga before the court,” he has said.
Bothmenhave denied all the charges against them and are currently on bail.
Agroup of civil proceedings are also running concurrently to the criminal case, including two class actions by CBL’S shareholders.
— Samhurley