This Article in Fin24 shocked and saddened me because I never expected the name of the Old Mutual connected to Ponzi operations.
http://www.fin24.com/Companies/Financial-Services/Old-Mutual-CEO-paid-R33m-in-2012-20130405
That is where I was first and well trained as a youngster straight from school in 1956, where I found my niche in statistics and acquired the knowledge that would stand me in good stead through a career of more than forty years in marketing Statistics; the name of the old Mutual somehow represent the High road in morality to me, so unlike many of the others, certainly those that took the road of corruption at the first opportunity. I hope the Old Spirit of the Old Mutual and the shareholders will step in to fire the wayward culprit and get him out of there fast. What we have here is blatant theft of money that should go to the policyholders and Pension Funds doing business with Old Mutual.
Let some of the others take note!
The FSB is a useless organization founded from the Old Government’s Registrar of Pension Funds and Financial Institutions. It is not the watchdog for protection of the public investor as is claimed to be the case. It so-called “privatized’ the joint to become the source of all that has gone awry in South African Finance. They protect the thieves; they encourage evil by rewarding them and have no role to play in the protection of the private investor, the so-called man in the street.
Readers must read up and get to the bottom of the Saambou, TMA, Fedsure and the Alexander Forbes Pension Fund millions. It all happened in the closing years of my time in the Industry but I saw it happening right under the noses of the FSB as I have indicated, fully expecting them to do nothing about it. For those of my Readers that do not believe what you read here, I suggest that you get an investigative journalist to delve for the stolen millions from the Pensioners Medical Aid Fund of a large Cape based Life Assurance Company; it should be all open knowledge but the thieving company, the FSB, and the Court agreed to keep it under wraps, so-called to avoid a public scandal that may be to the further detriment of the pensioners involved; but good to be able to report that about two years ago the Cape Supreme Court found the Ponzi Company guilty and ordered them to sit down with the complainant[s] acting for the Medical Aid to calculate the “Quantum” to submit to the Court for a final Order.
Please note that I am not stepping in to save the Defencex Boss if he is guilty of an offense but I find it rather ironically amusing to see how fast The FSB, the Ponzi Banks and all the Big Thieves jumped on a little guy to expose the alleged offenses, close his bank accounts and force him into court while the Saambou Directors and Senior Management are still walking around free after thirteen years. Do any of you know how much money of pensioners was lost in that debacle?
I am really sad about the Old Mutual; they should set an example and get that CEO to resign with immediate effect. South Africa is rapidly on course for a showdown between the “NuRich 825 salaried billionaires and the guys serving the tea” and this sort of thing will in due course force the day of reckoning to happen rather much sooner than later.
We will rue the day if we allow more of the same.
It is a blot on our Entire Society to allow such obscene behavior in the first place; to cover it up is a disgrace.
To be continued….
IkeJ
Jaksonian Philosophy 