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Jul 05
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Reserve Bank VS CBL — 6 July Full Page Advert

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Jul 05
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New website launched to lift the lid on how CBL was failed by the RBNZ — 5 July 2019

By rbnpub Our Media Releases and Advertising

A new website – www.rbnzcbl.com – is being launched tomorrow in a bid to lift the lid on how a publicly listed company with cash…

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Jul 03
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Review Highlights RBNZ failures in dealings with CBL Insurance — 3 July 2019

By rbnpub Our Media Releases and Advertising
The RBNZ has failed its own report card as New Zealand’s insurance regulator. It lacked the experience and resources needed to carry out its role...
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Jul 01
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Former CBL directors await RBNZ report with interest — 1 July 2019

By rbnpub Our Media Releases and Advertising

The largest shareholders and former directors of CBL Corporation, Peter Harris and Alistair Hutchison, look forward to publication of the long-awaited report on the Reserve…

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Jun 28
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Reserve Bank vs CBL — 29 June Full Page Advert

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Key points – a brief summary


• CBL Insurance was placed in interim liquidation on 23 February 2018 following the Reserve Bank of New Zealand’s application to the High Court
• The RBNZ believed one part of CBLI – its French construction insurance business – was significantly under-reserved
• This belief has since been disproven by the sale of those relevant liabilities at a value based on the value of the reserves held for them in the CBL accounts
• The interim liquidation, later to become a full liquidation in November 2018, has had far-reaching consequences for CBLI policyholders, CBL shareholders and other stakeholders
• All of this was avoidable, as the dispute between CBL and the RBNZ about reserving for the French business could have been resolved – among other options, CBL had $500m of cash in the bank and was ready to raise additional capital if required, and had announced it would sell the rest of its French business assets on an orderly basis
• The RBNZ was not willing to let CBL move forward on that basis
• Since the interim liquidation it has stymied attempts by Peter Harris and Alistair Hutchison to back recovery plans that could have restored value to policyholders, shareholders and others
• Peter and Alistair remain interested in trying to obtain some sort of value for shareholders
• If you share this interest and/or would like to be kept informed on this matter, please register at rbnzcbl@gmail.com

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