Bankmed chairman Charles Wells quit the medical aid in November 2015 following the launch of a misconduct probe by industry regulator, the Council for Medical Schemes (CMS).The scheme’s 2015 annual report makes a brief reference to Wells’s resignation, which came months after his re-election, but neglects to cite details.Bankmed’s CEO and principal officer Teddy Mosomothane declined to answer the Financial Mail’s questions about governance deficiencies or Wells’s exit, and neither issue was dealt with at its AGM in June.He did say, however, that Bankmed had an AA+ rating from Global Credit Ratings.The CMS probe cites "misconduct, procurement irregularities and conflicts of interests". Dr Elsabé Conradie of CMS confirmed the existence of a probe, but wouldn’t provide details, since "the parties involved may still want to pursue legal action against the scheme".The banking industry fund collects a combined R4bn in premiums a year. With a membership base of more than 200,000, Bankmed r...
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