Millions of rands siphoned from Numsa's insurance company, report shows | Fin24

  • 📰 Fin24
  • ⏱ Reading Time:
  • 53 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 63%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

3Sixty Life, currently under curatorship, made huge loans that haven’t been repaid.

in the curatorship challenge, 3Sixty Life’s major sources of premium income are Doves policyholders and Numsa Financial Services . NFS markets products to Numsa members. 3Sixty Life also gets income from retirement funds that service Numsa members., Jim explained that NFS offers Numsa members two schemes. The compulsory scheme has over 280 000 funeral assistance policyholders contributing R2.

By 2019, Doves owed 3Sixty Life a total of R32 million in loans, according to extracts from audited financial statements included in the Deloitte report. However, in a letter from PricewaterhouseCoopers to Dixon, it is confirmed that board members discussed the loans. Msibi and Ola Luthanga, the CFO of the 3Sixty Group, are also directors of 3Sixty Life and of Doves, and also of the 3Sixty Group and the NIC.

All in all, 3SixtyLife paid R137million in 2019 to companies in the group - nearly half of its entire operating expenses. In 2018, this figure was R110 million. This absence of agreement is explicitly barred by the Long-Term Insurance Act, and the Financial Advisory and Intermediary Services Act.Before being placed under curatorship at the urging of the Prudential Authority, 3Sixty Life operated for over a year in breach of statutorily required solvency capital requirements, and for close to a year in breach of minimum capital requirements. It has also not submitted audited financial statements since December 2019.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Cannot say I am surprised... Feel a little bit sorry for the members being duped...

NUMSA BEEN EXPOSED.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 21. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines