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Law
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FMA agrees $4.1m penalties for CBL directors

High Court approval sought for deal featuring higher penalty for Tony Hannon than chair Sir John Wells as four independent directors accept ‘mistakes were made’.

CBL chair Sir John Wells has agreed to pay a $1m penalty.

Tim Hunter Mon, 04 Dec 2023

The four independent directors of failed insurer CBL have agreed to pay penalties totalling $4.1 million for Financial Markets Conduct Act breaches in the months before the company’s $747m collapse in early 2018.

The highest penalty of $1.1m was allocated to director Tony Hannon, with $1m each for

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FMA agrees $4.1m penalties for CBL directors
Law,
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