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Toggle navigation Toggle navigation * Home * Investigations * Scorpio * Our Burning Planet * Amabhungane * Declassified UK * News & Analysis * Business Maverick * Maverick Citizen * Sport * Newsdeck * Maverick News * Features * Opinionistas * Maverick Life * TGIFood * Covid-19 * Podcasts * Webinars * Zapiro * Newsletters * Newspaper * E-Edition * Contact Us * Search GO DM IS MUCH BETTER IF YOU ARE SIGNED IN... Enter you email below, and we will send you a mail with a link or One-time pin to login. Send email to login A code has been sent to .... Please check you email address. Please enter the One Time Pin Below: Didn't get the code? Resend email IT LOOKS LIKE WE DON’T HAVE AN ACCOUNT FOR THIS. WOULD YOU LIKE US TO CREATE AN ACCOUNT FOR YOU? Create a new account Sign in with password Shop SUPPORT DM Login × search Custom Search Sort by: Date Date Relevance SOUTH AFRICA SCORPIO TESTIMONY OF INSURE GROUP MANAGERS CHIEF AT VBS INQUIRY SEEMS TO IMPLY A LACK OF HONESTY AND INTEGRITY Directors of Insure Group Managers Charl Cilliers and Diane Burns. (Photos: Supplied) | The Financial Sector Conduct Authority. (Photo: Twitter / @SAgovnews) By Pauli van Wyk Follow Following 23 Nov 2021 Follow Following 2 INSURE GROUP MANAGERS LTD COMPANY CHIEF CHARL CILLIERS TESTIFIED IN SEPTEMBER 2018 THAT HE AND THREE COMPANY DIRECTORS LIED TO THEIR CLIENTS IN ORDER TO SHIELD THE TRUE, DISTRESSED NATURE OF THE PREMIUM COLLECTOR’S FINANCIAL SITUATION. THAT R1.7-BN IN PREMIUM FUNDS WENT MISSING WAS DISCOVERED DAYS LATER WHEN INSURE OPERATIONS HIT A DEVASTATING CASH CRUNCH. THIS WEEK, CILLIERS AIMS TO CONVINCE THE FINANCIAL SERVICES TRIBUNAL THAT HE SHOULD NOT REMAIN DEBARRED AS A FINANCIAL SERVICE PROVIDER BASED ON A LACK OF HONESTY AND INTEGRITY. THIS ARTICLE IS FREE TO READ. REGISTER FOR FREE OR LOG IN TO CONTINUE READING. UNLIKE OUR COMPETITORS, WE DON'T FORCE YOU TO PAY TO READ THE NEWS, BUT WE DO NEED YOUR EMAIL ADDRESS TO MAKE YOUR EXPERIENCE BETTER. CREATE YOUR FREE ACCOUNT OR LOG IN FAQ | CONTACT US NEARLY THERE! CREATE A PASSWORD TO FINISH UP REGISTERING WITH US: YOU WANT TO RECEIVE FIRST THING, OUR FLAGSHIP DAILY NEWSLETTER. OPT OUT AT ANY TIME. PLEASE ENTER YOUR PASSWORD OR GET A LOGIN LINK IF YOU’VE FORGOTTEN OPEN SESAME! THANKS FOR REGISTERING. Listen to this article 0:00 / 10:44 1X BeyondWords In the world of regulated money like, for instance, the insurance industry, “honesty and integrity” is a big thing. So important that “personal character qualities of honesty and integrity” is written into several local (and global) acts and regulations as a crucial requirement for a person running a business collecting and disbursing money on behalf of others. SIGN UP TO THE BEST NEWSLETTER IN THE WORLD.* FREE AND DELIVERED TO YOUR INBOX FIRST THING. *WAN-IFRA BEST NEWSLETTER WORLDWIDE AWARD WINNER. Subscribe This is so that dishonest people without integrity do not run off with the public’s money. If they do, these acts and regulations require authorities to take a range of steps to ensure repercussions. That is how Charl Cilliers and business partner Diane Burns found themselves at the sharp end of the Financial Sector Conduct Authority (FSCA). In August 2020, the FSCA debarred both for five years for lacking honesty and integrity while managing their business Insure Group Managers Ltd (IGML), a premium collector. The context here is essentially that Cilliers and Burns were found to have masterminded an unlawful and perhaps fraudulent scheme using R1.7-billion in public insurance premium funds owed to insurers to feather their own nests. On Wednesday, the aggrieved Cilliers and Burns will attend a hearing of the Financial Services Tribunal in their application to reconsider the FSCA’s decision to debar them as financial service providers. Cilliers and Burns have not replied to requests for clarity and context since Daily Maverick published their attempt at bullying Scorpio into silence earlier this year. They have, however, consistently denied any wrongdoing. Burns bristled especially at the FSCA for debarring her and Cilliers only. She argues that the other directors must also be taken to task. Questioned about this, the FSCA’s Professor Brandon Topham, head of enforcement and market integrity, said: “Please remember that we have not done a complete investigation into Insure as it was placed under curatorship. “We only looked initially at the conduct of two primary officials of the entity with the intention to study the curator’s report. We have received the report and are determining future direction and investigations relating to the matter…” The curator’s reportable irregularity report may indeed offer grounds for reconsideration. But it is a transcription detailing Cilliers’ testimony under oath in the VBS Mutual Bank investigation that brings into focus the role he alleges two additional directors played in the deceit. *** IGML “experienced an unexpected connection failure between our Accelerate system and the bank”, a letter sent to the company’s client brokers attempted to explain. Dated 15 February 2018, it offered “sincere” apologies and stated that the “short interruption” was already fixed. The only hiccup, the letter explained, was that some payments to the insurers on behalf of the brokers would be delayed. But not to worry, IGML was aware and working hard to fix the problem. Except, none of it was true, Cilliers admitted under oath. The letter was designed to shield IGML’s precipitous cash flow disaster. The background here is that IGML was obliged to pay over premium funds it collected on behalf of insurers within 45 days. The premium collector’s consistent misappropriation of the funds, however, caused an ever-growing black hole in IGML’s cash reserves, the company’s curator would later find. To hide the secret, Cilliers negotiated a R250-million credit facility with VBS Mutual Bank, used as a buffer. Helpful, until VBS imploded in March 2018. With the benefit of hindsight, we now know that VBS was stolen into insolvency by its managers, directors, auditors, politicians and business people. At the same time, IGML’s managers were unlawfully and possibly fraudulently using premium funds to make a secret profit to enrich themselves and the company. When VBS sank, IGML got pulled down the whirlpool. IGML’s “misleading” letter was crafted while VBS’s keel struck disaster, but before IGML sensed the danger. Who exactly in the IGML group came up with the idea of the letter and whether there were more instances of IGML lies being sold to brokers and insurers, is not entirely clear. What we do know, so far, is that the first public record of the letter dates to 6 September 2018 when advocates Terry Motau and Ross Hutton SC questioned Cilliers, trying to find the truth about VBS’s implosion. (Motau was commissioned by the Reserve Bank to chair the VBS investigation. Hutton was the evidence leader.) Hutton and Motau came to know about the letter because Ian du Toit (COO) emailed it to IGML’s executive committee members Grant Davis (CFO), Burns and Cilliers. A series of consecutive emails was found on some of the computers seized in the VBS investigation. IGML’s executive committee members were to “beautify”, in Cilliers’ words, the letter and decide whether it was to be sent to every client before they discovered the missing funds or only to those who questioned the funds’ absence. After making a phone call to Du Toit, Cilliers told Hutton and Motau the letter was in the end sent to six different clients, about an unpaid amount totalling about R20-million. Letter to Scorpio – 06.10.2021 The truth did not escape from Cilliers without effort. Hutton and Motau repeatedly reminded Cilliers of the question he was asked to answer. Their direct words, copied from the transcription, are insightful: Hutton: “Is it a truthful letter?” Cilliers: “For us, yes, because it happens often that we have delays in terms of technical payment failures.” Hutton: “Was this a technical payment failure that had occurred because there was a connection failure between the Accelerate system and the bank?” Cilliers: “No.” Motau: “So back to the question. Was it a truthful reflection?” Cilliers: “No, it was managing expectations in terms of our clients.” Motau: “Was it a truthful statement to make?” Cilliers: “In terms of this case, no.” At this point, the testimony drifted elsewhere, but Hutton seems to have been a dog with a bone: Hutton: “Mr Cilliers, the simple fact of the matter appears to be this, that the letter at page 3 [in the evidence bundle before Cilliers – Scorpio’s edit] is a misleading letter… it’s intended to mislead the reader into thinking that there was a technical error, whereas the truth was something different.” Cilliers: “I hear you.” Hutton: “And you would have been prepared to send out that letter had anybody who was affected by this enquired. You would have sent them that letter?” Cilliers: “Yes. The last thing I would want to do is send them a letter that says: We don’t have funds, and it’s because of VBS.” Hutton: “Yes, so you were prepared to mislead your clients as to the reason why their payment hadn’t been effected?” Here, Cilliers first denied that the letter was misleading. Motau rephrased Hutton’s question, leaving Cilliers with no choice: Motau: “…it is more about the reason that is disclosed to the client as being the cause, which, to your knowledge would have been inaccurate, and that’s misleading to the client. In other words, that’s something you were prepared to do, faced with that situation, by telling them that there was a connection failure between your Accelerate system and the bank, when in truth and in fact that was not the case.” Cilliers: “I understand what you’re saying.” Motau: “So that’s the question that is being put, and you haven’t answered it.” Cilliers: “Yes, the letter would not be correct.” Motau: “And the question you were asked is that you would have been prepared to send out a misleading letter in those circumstances?” Cilliers: “If you put it that way, yes.” Here is the full transcript: 180906_Transcription – Char… *** If truthful, Cilliers’ admission before Motau and Hutton may imply that he was in breach of – at least – the honesty and integrity requirements expected from a financial service provider. His testimony may also have severe consequences for Burns, Davis and Du Toit, who are, along with Cilliers and four additional IGML directors, joined in a high court summons brought by 11 insurers asking that they pay back R1.2-billion in lost premium funds. The insurers also filed summons against IGML’s auditor Horwath Leveton Boner (now Crowe JHB) and compliance officers Compliance Monitoring Systems in case the company cannot pay. It is unsure whether the FSCA and Financial Services Tribunal are aware of this information. Now working at Qsure, Davis and Du Toit declined to answer questions, due to the high court litigation. They do not admit to any wrongdoing, their lawyer Terry Mahon said. “In particular, my clients dispute that they are dishonest and lacking in integrity.” Burns and Cilliers did not reply to questions sent to them and their lawyer. Whether Cilliers and Burn’s application for reconsideration of their debarment will be fully aired on Wednesday, is unsure, as there were talks of them requesting another extension. Dissatisfied with an order of the tribunal, an aggrieved person may ask a court to review the order. DM/BM Update: The application to reconsider the FSCA’s decision to debar Charl Cilliers and Diane Burns for five years was removed from the hearing roll and is postponed to a date not yet agreed upon. The hearing, therefore, did not take place on Wednesday morning, as originally expected. Share to Facebook Facebook Share to Twitter Twitter Share to Email App Email App Share to WhatsApp WhatsApp Hide A SOUTH AFRICAN HERO: YOU There’s a 99.8% chance that this isn’t for you. Only 0.2% of our readers have responded to this call for action. Those 0.2% of our readers are our hidden heroes, who are fuelling our work and impacting the lives of every South African in doing so. They’re the people who contribute to keep Daily Maverick free for all, including you. The equation is quite simple: the more members we have, the more reporting and investigations we can do, and the greater the impact on the country. Be part of that 0.2%. Be a Maverick. Be a Maverick Insider. Support Daily Maverick→ * Brandon Topham * brokers and insurers * Charl Cilliers * Diane Burns * Financial Sector Conduct Authority. * Financial Services Tribunal * Grant Davids * Ian du Toit * insurance fraud * Insure Group Managers Limited * Qsure * Scorpio * VBS Mutual Bank -------------------------------------------------------------------------------- COMMENTS - SHARE YOUR KNOWLEDGE AND EXPERIENCE Please note you must be a Maverick Insider to comment. Sign up here or sign in if you are already an Insider. Everybody has an opinion but not everyone has the knowledge and the experience to contribute meaningfully to a discussion. That’s what we want from our members. Help us learn with your expertise and insights on articles that we publish. We encourage different, respectful viewpoints to further our understanding of the world. View our comments policy here. All Comments 2 * Laurence Erasmus says: 24 November 2021 at 06:38 It appears that in Cilliers and Burns minds the bar for “personal character qualities of honesty and integrity “ are set very low! Excuse the pun, but the FSCA should burn both of them! Log in to Reply * Charles Parr says: 24 November 2021 at 10:03 Pauli, I understand that you have to word things carefully but the use of the word ‘imply’ in the heading is stretching it too far. It’s quite obvious to anyone what these two are but that is not printable here. Log in to Reply Adverts on/off? You choose. 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Performance Performance Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. CookieDurationDescriptiond3 monthsThis cookie tracks anonymous information on how visitors use the website. Analytics Analytics Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. CookieDurationDescription__gads1 year 24 daysThis cookie is set by Google and stored under the name dounleclick.com. This cookie is used to track how many times users see a particular advert which helps in measuring the success of the campaign and calculate the revenue generated by the campaign. These cookies can only be read from the domain that it is set on so it will not track any data while browsing through another sites._ga2 yearsThis cookie is installed by Google Analytics. The cookie is used to calculate visitor, session, campaign data and keep track of site usage for the site's analytics report. The cookies store information anonymously and assign a randomly generated number to identify unique visitors._ga_Y7XD5FHQVG2 yearsThis cookie is installed by Google Analytics._gat_UA-10686674-11 minuteThis is a pattern type cookie set by Google Analytics, where the pattern element on the name contains the unique identity number of the account or website it relates to. It appears to be a variation of the _gat cookie which is used to limit the amount of data recorded by Google on high traffic volume websites._gid1 dayThis cookie is installed by Google Analytics. The cookie is used to store information of how visitors use a website and helps in creating an analytics report of how the website is doing. The data collected including the number visitors, the source where they have come from, and the pages visted in an anonymous form.ajs_anonymous_idneverThis cookie is set by Segment.io to check the number of ew and returning visitors to the website.ajs_user_idneverThe cookie is set by Segment.io and is used to analyze how you use the websiteANON_ID3 monthsThis cookie is provided by Tribalfusion. The cookie is used to give a unique number to visitors, and collects data on user behaviour like what page have been visited. This cookie also helps to understand which sale has been generated by as a result of the advertisement served by third party.jam_heavy_ga_session5 yearsThis cookie is installed by Google Analytics.UserID13 monthsThe cookie sets a unique anonymous ID for a website visitor. This ID is used to continue to identify users across different sessions and track their activities on the website. The data collected is used for analysis.uvc1 year 1 monthThe cookie is set by addthis.com to determine the usage of Addthis.com service. Advertisement Advertisement Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads. CookieDurationDescription__tbc2 yearsThis cookie is used for measuring the efficiency of advertisement by registering data on visitors from multiple website._cc_aud8 months 26 daysThe cookie is set by crwdcntrl.net. The purpose of the cookie is to collect statistical information in an anonymous form about the visitors of the website. The data collected include number of visits, average time spent on the website, and the what pages have been loaded. These data are then used to segment audiences based on the geographical location, demographic, and user interest provide relevant content and for advertisers for targeted advertising._cc_ccsessionThe cookie is set by crwdcntrl.net. The purpose of the cookie is to collect statistical information in an anonymous form about the visitors of the website. The data collected include number of visits, average time spent on the website, and the what pages have been loaded. These data are then used to segment audiences based on the geographical location, demographic, and user interest provide relevant content and for advertisers for targeted advertising._cc_dc8 months 26 daysThe cookie is set by crwdcntrl.net. The purpose of the cookie is to collect statistical information in an anonymous form about the visitors of the website. The data collected include number of visits, average time spent on the website, and the what pages have been loaded. These data are then used to segment audiences based on the geographical location, demographic, and user interest provide relevant content and for advertisers for targeted advertising._cc_id8 months 26 daysThe cookie is set by crwdcntrl.net. The purpose of the cookie is to collect statistical information in an anonymous form about the visitors of the website. The data collected include number of visits, average time spent on the website, and the what pages have been loaded. These data are then used to segment audiences based on the geographical location, demographic, and user interest provide relevant content and for advertisers for targeted advertising._kuid_5 months 27 daysThe cookie is set by Krux Digital under the domain krxd.net. The cookie stores a unique ID to identify a returning user for the purpose of targeted advertising._rxuuid1 yearThe main purpose of this cookie is targeting, advertesing and effective marketing. This cookie is used to set a unique ID to the visitors, which allow third party advertisers to target the visitors with relevant advertisement up to 1 year.ANON_ID_old3 monthsThis cookie helps to categorise the users interest and to create profiles in terms of resales of targeted marketing. This cookie is used to collect user information such as what pages have been viewed on the website for creating profiles.bscookie2 yearsThis cookie is a browser ID cookie set by Linked share Buttons and ad tags.CMID1 yearThe cookie is set by CasaleMedia. The cookie is used to collect information about the usage behavior for targeted advertising.CMPRO3 monthsThis cookie is set by Casalemedia and is used for targeted advertisement purposes.CMPS3 monthsThis cookie is set by Casalemedia and is used for targeted advertisement purposes.CMST1 dayThe cookie is set by CasaleMedia. The cookie is used to collect information about the usage behavior for targeted advertising.DSID1 hourThis cookie is setup by doubleclick.net. This cookie is used by Google to make advertising more engaging to users and are stored under doubleclick.net. It contains an encrypted unique ID.google_push5 minutesThis cookie is set by the Bidswitch. This cookie is used to collect statistical data related to the user website visit such as the number of visits, average time spent on the website and what pages have been loaded. This collected information is used to sort out the users based on demographics and geographical locations inorder to serve them with relevant online advertising.i1 yearThe purpose of the cookie is not known yet.id3 monthsThe main purpose of this cookie is targeting and advertising. It is used to create a profile of the user's interest and to show relevant ads on their site. This Cookie is set by DoubleClick which is owned by Google.IDE1 year 24 daysUsed by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile.IDSYNC1 yearThis cookie is used for advertising purposes.KADUSERCOOKIE3 monthsThe cookie is set by pubmatic.com for identifying the visitors' website or device from which they visit PubMatic's partners' website.KTPCACOOKIE1 dayThis cookie is set by pubmatic.com for the purpose of checking if third-party cookies are enabled on the user's website.ljt_reader1 yearThis is a Lijit Advertising Platform cookie. The cookie is used for recognizing the browser or device when users return to their site or one of their partner's site.loc1 year 1 monthThis cookie is set by Addthis. This is a geolocation cookie to understand where the users sharing the information are located.mc1 year 1 monthThis cookie is associated with Quantserve to track anonymously how a user interact with the website.mt_mop1 monthStores information about how the user uses the website such as what pages have been loaded and any other advertisement before visiting the website for the purpose of targeted advertisements.personalization_id2 yearsThis cookie is set by twitter.com. It is used integrate the sharing features of this social media. It also stores information about how the user uses the website for tracking and targeting.suid_legacy1 yearThis cookie is used to collect information on user preference and interactioin with the website campaign content. This cookie is used for promoting events and products by the webiste owners on CRM-campaign-platform.TDCPM1 yearThe cookie is set by CloudFlare service to store a unique ID to identify a returning users device which then is used for targeted advertising.TDID1 yearThe cookie is set by CloudFlare service to store a unique ID to identify a returning users device which then is used for targeted advertising.test_cookie15 minutesThis cookie is set by doubleclick.net. The purpose of the cookie is to determine if the user's browser supports cookies.tluid3 monthsThis cookie is set by the provider AdRoll.This cookie is used to identify the visitor and to serve them with relevant ads by collecting user behaviour from multiple websites.tuuid1 yearThis cookie is set by .bidswitch.net. The cookies stores a unique ID for the purpose of the determining what adverts the users have seen if you have visited any of the advertisers website. The information is used for determining when and how often users will see a certain banner.tuuid_lu1 yearThis cookie is set by .bidswitch.net. The cookies stores a unique ID for the purpose of the determining what adverts the users have seen if you have visited any of the advertisers website. The information is used for determining when and how often users will see a certain banner.uid5 months 27 daysThis cookie is used to measure the number and behavior of the visitors to the website anonymously. The data includes the number of visits, average duration of the visit on the website, pages visited, etc. for the purpose of better understanding user preferences for targeted advertisments.uuid1 year 27 daysTo optimize ad relevance by collecting visitor data from multiple websites such as what pages have been loaded.VISITOR_INFO1_LIVE5 months 27 daysThis cookie is set by Youtube. Used to track the information of the embedded YouTube videos on a website.wfivefivec1 year 1 monthThe domain of this cookie is owned by Dataxu. The main business activity of this cookie is targeting and advertising. This cookie tracks the advertisement report which helps us to improve the marketing activity.xbc2 yearsThis cookie is used for optmizing the advertisement on the website more relevant by analysing the user behaviour and interaction with the website.YSCsessionThis cookies is set by Youtube and is used to track the views of embedded videos. Others Others Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. CookieDurationDescription__browsiSessionID30 minutesNo description available.__browsiUID1 yearNo description available.__cflb23 hoursThis cookie is used by Cloudflare for load balancing.__gpi1 year 24 daysNo descriptionajs_group_idneverThis cookie is set by Segment.io. 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