CDL subsidiary fined by NZX for breaching listing rules

The regulatory actions are not expected to affect CDL’s business or operations. 

NZ Markets Disciplinary Tribunal has found that MCK, a City Developments Limited (CDL) subsidiary, breached NZX listing rules between 2018-2020.

Consequently, MCK has been fined and publicly censured by the Tribunal. MCK will also have to pay charges incurred by the NZX RegCo and the Tribunal in considering the matter.

MCK admitted to the breaches and cooperated with the investigation. The breach from the audit committee not having the required number of members in 2018 was also self-remedied in 2020.

Meanwhile, the CDL Board does not expect the breaches and the regulatory actions to have an impact on the company’s business or operations.