Liberty Group CEO Thabo Dloti says its parent company, Standard Bank, has exchanged harsh words with Liberty over the life assurer's awful results for the 2016 financial year. The badly underperforming business cost Standard Bank R1.5-billion in headline earnings. Standard Bank owns 55% of Liberty and Dloti admits there have been some very frank exchanges between him and his majority shareholder."Like all shareholders, clearly they'd like to see a better outcome." Harsh words have been spoken, he says. "Like all boards, when you deliver profit warnings nobody is happy about that. So there will be harsh words for everybody around to say: 'Guys, how did we land here? Let's understand it better. Are we comfortable that everything we needed to do has been done?' "So that has happened, as you would expect." In addition to harsh words, Standard Bank joint CEO Sim Tshabalala has said it will be introducing a 10-step turnaround strategy to help its junior partner. "They're saying: 'How do w...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.