Stanlib Kenya’s management changed after impaired bank exposure
Liberty CEO Thabo Dloti says action has been taken after money was invested in instruments that were exposed to banks in Kenya that became illiquid
Liberty CEO Thabo Dloti says the group has made changes to Stanlib Kenya’s management team, following operational issues in that business relating to impaired bank exposures. "Client money was invested in instruments that were exposed to second-tier banks in Kenya, which subsequently became illiquid. We’ve taken steps to make sure our business and clients are on a good footing," Dloti said. Dloti declined to comment further because the matter was still under investigation. Stanlib’s rest of Africa business posted a R97m loss for the year to end-December 2016 — a R159m decline on the year-earlier period. Alongside operational issues in Kenya, Stanlib was hard hit by the curtailment of guaranteed cash mandate business in that country, Dloti said. Seelan Gobalsamy, the group CEO of Stanlib, would head Liberty’s emerging businesses, including its expansion into the rest of Africa and Stanlib Africa, said Dloti. "We want an executive who is solely focused on growth opportunities." With t...
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