CBL chair: ‘I can only apologise’
Sir John Wells described a €25m payment in breach of RBNZ orders as ‘a regrettable incident that will not reoccur’.
Former CBL chair Sir John Wells (left) and managing director Peter Harris.
As insurer CBL teetered on the brink of collapse its chair Sir John Wells wrote to Reserve Bank acting governor Grant Spencer apologising for its breach of bank orders, the High Court has heard.
The letter was read in evidence during the testimony of former RBNZ head of supervision Geoff Bascand at
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