IPEC probe delays FMHL annual general meeting
BUSINESS REPORTER
First Mutual Holdings Limited (FMHL) says a four-months probe by the Insurance and Pensions Commission (IPEC) on its unit has delayed the financial services group from convening a meeting of shareholders.
The Zimbabwe Stock Exchange rules stipulate that an annual general meeting (AGM) should be held within 12 months of the previous AGM.
In a notice to shareholders, FMHL said external auditors are yet to issue their audit opinion for the year ended December 31, 2021.
“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,” FMHL said.
“The auditors will only issue their opinion once that investigation has been concluded. The investigation, which began on 5 September 2022, is expected to take 4 months to complete. Hence it will not be possible to conduct the AGM before the end of 2022.”
In a trading update for the third quarter ended September 30, total income was up 39% to ZWL$58.2bn due to higher net premiums earned, fair value gains on investment property and foreign currency exchange gains. Profit after tax grew 236% due to increased revenue and net fair value gains on the investment portfolio.
