The South African Reserve Bank (SARB) is seeking to remove a curator it appointed just two months ago after it found out that she didn't complete her degree.
Yashoda Ram, who is the head of actuarial services at BDO Advisory Services, was appointed as the curator for 3Sixty Life Limited in December.
However, it has been found that she didn't complete her degree and is not a registered member of the regulatory body.
SARB on Tuesday launched an urgent motion in the high court in Johannesburg seeking to remove Ram.
In a sworn affidavit, the Prudential Authority head for banking, insurance and financial markets infrastructure supervision department Suzette Jeanne Vogelsang said the authority's inquiries with the Actuarial Society of SA (Assa) recently revealed that Ram had not completed an actuarial science degree and was only a student member of Assa.
“Contrary to what is recorded in Ram's resumé, she didn't complete the certified enterprise risk actuary course in 2016. Under this circumstances, the authority no longer has faith in the integrity of Ram,” she said.
Vogelsang said SARB therefore sought to replace Ram with Tinashe Mashoko as provisional curator of 3Sixty Life Limited.
“Mashoko is the actuarial specialist at BDO and worked closely with Ram and the team during the provisional curatorship. He is therefore well-acquainted with the matter related to 3Sixty,” she said.
The company 3Sixty is facing liquidation and the hearing on the matter is set for March 22.
The company's executive chairman and group CEO Khandani Msibi could not be reached yesterday, however he tweeted about the court motion.
“The Prudential Authority has filed an urgent motion to remove the curator of 3Sixty Life and replace her with her junior. They make some scathing remarks about her proving they are not prudent. We argued in court papers about their recklessness, now mischief,” he tweeted.
On its website, 3Sixty Life Limited described itself as a registered life insurance company and accredited by the Financial Sector Conduct Authority to underwrite life and assistance policies for groups and individuals. 3Sixty Life was established in 1993 as HTG Life to underwrite insurance policies.
The name was changed to Union Life in January 2008 and subsequently rebranded as 3Sixty Life in 2018, to align it with its parent company, 3Sixty Global Solutions Group.
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