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All quiet on the western front - again

09 June 2006 Angelo Coppola

So there is a new boss at Alexander Forbes. Great. And the talk of a proposed delisting, Intriguing. Especially when one considers the timing.

They have just paid R368m to their clients, a R12m donation to the FSB, and it appears that at least one person at the FSB is happy that the bulking issue is closed.

So when are the directors and participants in the management bonus pool going to pay back their bonuses they made when those artificially produced profit numbers were released?

Also Im wondering whether the FAIS ombud, in his newly created catch-all role is going to investigate the business in terms of the fit and properness.

Interestingly enough FA News is still waiting for the ombud to respond to our questions, with at least a simple acknowledgement that he did receive them. After all that would be the polite thing to do.

We also asked several questions of Alexander Forbes and hopefully we will publish their response in the next couple of days. Admittedly they have had their plates full, and there have been some management reshuffles going on.

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