Liberty Friendly Society under curatorship

Liberty Friendly Society under curatorship

A LOCAL insurance company, Liberty Friendly Society, has been placed under curatorship by the Namibia Financial Institutions Supervisory Authority (Namfisa) for alleged misappropriation of trust monies amounting to N$1,2 million.

Namfisa’s Corporate Communications Manager, Ebben Kalondo yesterday confirmed to The Namibian that N$1 million of this amount had landed into the personal account of Liberty’s Principal Officer, August Maletsky. A recent investigation resulted in the application to High Court for the appointment of a curator to oversee the business of Liberty Friendly Society.The order of curatorship was granted on Tuesday and Derek Wright has been appointed curator of Liberty Friendly Society, which sold maternity insurance products to the public.Namfisa has sent out a warning to all Liberty Friendly Society customers and has called on them to contact Wright at (062) 54 0440.”If you are a member of Liberty Friendly Society and currently are paying premiums to Liberty Friendly Society, Namfisa advises you to stop paying premium payments immediately,” read a statement from the regulator.At the beginning of 2006, the organisation had some 4 000 members and had its head office in Windhoek and regional offices across the country.Kalondo said once the curatorship process was finalised, Namfisa would be informed on how to proceed and the law would take its course and those suspected of any wrongdoing.Friendly Society is a club-like organisation formed by members to provide specific benefits and is managed in terms of its rules and/or constitution.A recent investigation resulted in the application to High Court for the appointment of a curator to oversee the business of Liberty Friendly Society.The order of curatorship was granted on Tuesday and Derek Wright has been appointed curator of Liberty Friendly Society, which sold maternity insurance products to the public.Namfisa has sent out a warning to all Liberty Friendly Society customers and has called on them to contact Wright at (062) 54 0440.”If you are a member of Liberty Friendly Society and currently are paying premiums to Liberty Friendly Society, Namfisa advises you to stop paying premium payments immediately,” read a statement from the regulator.At the beginning of 2006, the organisation had some 4 000 members and had its head office in Windhoek and regional offices across the country.Kalondo said once the curatorship process was finalised, Namfisa would be informed on how to proceed and the law would take its course and those suspected of any wrongdoing.Friendly Society is a club-like organisation formed by members to provide specific benefits and is managed in terms of its rules and/or constitution.

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