TCS Joins Hands with VIAVI Solutions to accelerate disaggregated 5G RAN Product Innovation equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.
Insure Group Managers CEO Charl Cilliers failed to disclose he was debarred from the financial industry when asked by accountancy body Saica to explain suspicious VBS Mutual Bank money flows. This omission itself may raise questions around issues of honesty and integrity.
Investigation blows open alleged premiums misappropriation insurance scandal
13 May 2021 6:58 PM
Share This:
Investigative journo Pauli Van Wyk says four SA insurance giants have lost R944m in total by using Insure Group as intermediary.
An alleged insurance scandal has led to huge losses for at least four South African insurance giants.
A Daily Maverick investigation has found that Santam, Hollard, Old Mutual and Guardrisk lost R944-million between them due to the actions of intermediary Insure Group Managers.
Insure Group collected insurance premiums from customers and invested cash it was meant to pay over to the companies into its own illiquid, high-risk and ultimately loss-making assets writes Pauli van Wyk.
When the fraud at VBS Mutual Bank was uncovered in 2018, the bank’s implosion pulled away the blanket covering another black hole, of R1.7bn – this time in the insurance sector.