CBL MD Peter Harris has withdrawn from EY’s world entrepreneur of the year competition in Monaco.

The pullout means New Zealand will not have a representative at the June event, and follows a tumultuous few weeks for the once high-flying insurer, which has entered voluntary administration.

Mr Harris won the EY entrepreneur of the year prize for New Zealand last year, winning the right to represent the country against more than 60 other national winners for the world title.

EY says it became aware the insurer was under scrutiny by the Reserve Bank of New Zealand only after the national award was given to Mr Harris. It says an internal investigation will decide whether he will be stripped of his national award.

“Under the terms and conditions of the [entrepreneur of the year] program, as accepted by Peter Harris, the New Zealand award can be revoked if a participant has, or is alleged to have, engaged in actions that would adversely reflect on the program,” EY says in a statement.

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