CBL fraud co-accused loses name suppression, pending further appeal

A man facing fraud allegations alongside former CBL chief executive Peter Harris will keep his name suppressed for at least another week.

He and Harris were charged by the Serious Fraud Office (SFO) last December after an investigation began in June 2018, following the insurance company’s collapse.

After being declined suppression earlier this year by the District Court, an appeal hearing was held in the High Court in August, the details of which remain suppressed.

Last month, a third suppression hearing was held at the Court of Appeal.

Today, the Court of Appeal released its decision and dismissed the man’s bid for continued suppression.

However, he was given leave to apply for interim name suppression in support of a further appeal by 3pm on December 14.

The Court of Appeal also suppressed the reasons, given by Justice Patricia Courtney, in its judgment.

The man faces charges of theft by a person in a special relationship, obtaining by deception and false accounting.

Meanwhile, Harris has seemingly embraced being named in connection to the criminal case, and has said: “I welcome the opportunity to finally bring the wider picture of the CBL saga before the court … “

Harris, 65, who was the CEO and 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.

Both men have denied all the charges against them and are currently on bail.

An eight-week trial has been scheduled to start in September next year.

A group of civil proceedings are also running concurrently to the criminal case, including two class actions by CBL’s shareholders.

CBL Corporation, with a market value of $747 million at the time of its collapse, and CBL Insurance were both placed into liquidation by the High Court in 2018.

Source: Read Full Article