Ram's appointment was opposed by management including CEO Khandani Msibi, which mounted arguments that she was not a suitable curator.But investigations prompted by Msibi's complaints showed that she had misled the Prudential Authority about her qualifications.
In late December 2021, the Prudential Authority launched an urgent application in the Johannesburg High Court to . The Prudential Authority argued that this was needed to prevent the collapse of the insurer and secure the claims of policyholders.
In the Prudential Authority's founding affidavit, Ram was presented to the court as their proposed curator — a person with 16 years of experience in the insurance sector. She is described as a"member of the Actuarial Society of South Africa ", and the court is directed towards a brief CV in the annexures.
But Ram did not hold a degree in actuarial science; she did not hold an undergraduate degree of any sort. It was also not the case that Ram was a member proper of ASSA, nor that she was a certified actuary. In Jacobs's account, which is supported by emails, Ram provided them with an updated CV for the presentation, which now contained the claim that she held ASSA membership and was a certified auditor. This CV was then sent to the Prudential Authority as part of BDO's pitch to take over the curatorship, and was then used in the founding affidavit.
In February Ram forwarded the correspondence, which had been copied to her by Mashoko, to the Prudential Authority's legal team. The Prudential Authority's in-house legal counsel offered Ram some reassurance, saying that there is no statutory requirement for a curator to also be an actuary. On 13 February, the Prudential Authority contacted BDO to formally raise their concerns about Ram's qualifications. In its papers, the Prudential Authority argued that at this point it had little choice but to seek her removal as curator, and replace Ram with a BDO actuary with unimpeachable actuarial qualifications and standing.
As late as 11 February, Ram had written that Msibi and 3Sixty Life management's"disregard for curatorship is merely a symptom of their chronic lack of risk management and proper governance and of roles and responsibilities". Ram had on several other occasions raised concerns about 3Sixty Life's proposed recapitalisation plan, dire financial state and the company's disregard for regulations.
Fisher noted that further written and oral submissions would be needed to determine whether Ram was in fact suitable to remain as curator.The Prudential Authority's 12 March affidavit details the total breakdown of the relationship between Ram and her BDO colleagues and the regulator.
Mmmmm.
The heck
This is a mess. The actuaries at BDO were led by a matriculant ? 🚮
CoruscaKhaya This just sounds a bit wild. The lies, the deception, the spite, the cutting off and exclusion of others, the 'blackouts' and sick leaves...
H for Hectic. Yu
CoruscaKhaya It's a mess, dishonest, unethical practices and fraud 🙆🏾♀️. All for what? KhandaniM
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