The Sunday Mail
Online Reporter
FIRST Mutual Holdings Limited (FMHL) has failed to conduct its 2022 annual general meeting (AGM) after the Insurance and Pensions Commission (IPEC) earlier this year opened an investigation into FMHL’s subsidiary – First Mutual Life Assurance Company – for flouting standard procedures during an assets-separation exercise.
The investigation, which began on September 5, 2022, after IPEC detected possible prejudice to policyholders in favour of shareholders by FMHL, is expected to be completed in January 2023.
In a notice to shareholders on Tuesday, FMHL company secretary, Ms Sheila Lorimer, said:
“First Mutual Holdings Limited has been unable to conduct its annual general meeting within twelve months of the previous AGM as the external auditors are yet to issue their audit opinion for the year ended December 31, 2021,” she said.
“The delay arises following the appointment of a forensic investigator by the Insurance and Pensions Commission to conduct an investigation into First Mutual Life Assurance Company (Private) Limited, a subsidiary of FMHL.”
Auditors are only expected to issue their opinion after the investigation has been completed.
