SFO files charges in relation to CBL Insurance

Following an investigation by the Serious Fraud Office and the Reserve Bank of New Zealand into CBL Insurance and associated entities, the SFO has today filed criminal charges.

The SFO will not be making any further comment at this stage.

ENDS

Issued by

Henry Acland
Serious Fraud Office
027 705 4550

About the SFO

The Serious Fraud Office (SFO) was established in 1990 under the Serious Fraud Office Act.

The SFO is the lead law enforcement agency for investigating and prosecuting serious or complex financial crime, including bribery and corruption.

The presence of an agency dedicated to white collar crime is integral to New Zealand’s reputation for transparency, integrity, fair-mindedness and low levels of corruption.

This work contributes to a productive and prosperous New Zealand and the SFO’s collaborative efforts with international partners also reduce the serious harm that corrupt business practices do to the global economy.

The SFO has two operational teams: the Evaluation and Intelligence team and the Investigations team.

The SFO operates under two sets of investigative powers.

Part 1 of the SFO Act provides that it may act where the Director “has reason to suspect that an investigation into the affairs of any person may disclose serious or complex fraud.”

Part 2 of the SFO Act provides the SFO with more extensive powers where: “…the Director has reasonable grounds to believe that an offence involving serious or complex fraud may have been committed…”

In considering whether a matter involves serious or complex fraud, the Director may, among other things, have regard to:

• the suspected nature and consequences of the fraud and/or;
• the suspected scale of the fraud and/or;
• the legal, factual and evidential complexity of the matter and/or;
• any relevant public interest considerations.

The SFO’s Annual Report 2019 sets out its achievements for the past year, while the Integrated Statement of Strategic Intent 2016-2020 sets out the SFO’s strategic goals and performance standards. Both are available online at www.sfo.govt.nz(external link)

 The SFO Twitter feed is @SFO_NZ