A bad week for Santam CEO Lizé Lambrechts
Call us cynics, but Santam’s act of belated largesse has only followed weeks of pleading from desperate clients who’ve had to resort to the courts to get paid, and harsh words from the regulator
A good week
Finally, some relief may be on the cards for investors ensnared in the world’s worst financial fraud since Enron. Steinhoff’s proposed R16.5bn settlement is, admittedly, a fraction of the R136bn in combined claims against it, but it is no small achievement for CEO Louis du Preez, who has had to wade through forensic reports, salvage Steinhoff’s finances, run a business, and try to make good with the more than 90,000 shareholders sucked into the big growth lie sold by former CEO Markus Jooste.
A bad week
"How not to cover yourself in glory 101" might be a welcome addition to the board pack when Santam’s leadership next meets. The R1bn in relief announced by the insurer this weekend for businesses hurt by the lockdown was, said CEO Lizé Lambrechts, "something that we have been thinking about for a while". Call us cynics, but this act of belated largesse has only followed weeks of pleading from desperate clients who’ve had to resort to the courts to get paid, and harsh words from the regulator. Do better.
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