EMPOWERMENT investment holding company Brimstone’s massive clean-up operation at Lion of Africa has stemmed losses for the first time since the insurance subsidiary started reporting losses in the 2013 half-year period. Losses at the short-term insurer dropped to R9.7m in the six months to June, from R110m in 2015. This is a turnaround from the R45.9m lost in the 2013 half-year — losses that have steadily inched upwards each time Brimstone reported Lion’s results. Brimstone attributed Lion’s stronger performance to remedial action at the business, which was riven by allegations of fraud in 2015. Brimstone has deployed a new leadership team including former Old Mutual executive Bongani Madikiza.
"We confirm that the clean-up has been successful as reflected in the … turnaround," said Brimstone CEO Mustaq Brey. "We are happy with Bongani’s performance (and the) new executive team including Anees Vazeer and Karin Kruger." In 2015, Vazeer joined Lion as its chief financial officer...
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