6 October 2022
The High Court in Johannesburg ruled in favour of the Prudential Authority against 3Sixty Life on Friday 30 September. But now 3Sixty Life is appealing. Archive photo: Ashraf Hendricks
Funeral insurer 3Sixty Life has filed an application for leave to appeal Judge Fiona Dippenaar’s 30 September judgment that placed the funeral insurance company into final curatorship. The Prudential Authority has signalled that it will be opposing the application.
Judge Dippenaar‘s order removed interim curator Yashoda Ram from her role and appointed Tinashe Mashoko in her stead as final curator.
According to a press release from Ram, following the application for leave to appeal, “3Sixty Life remains under provisional curatorship, and Ms Ram retains her position as the interim curator.”
In response to GroundUp’s questions, the Prudential Authority confirmed that ”by virtue of the appeal, Ms Ram remains the curator of 3Sixty Life”.
However, they noted that since “Ram has not delivered a notice of appeal as yet and she had previously delivered a resignation letter, we are surprised by the stance she has adopted.”
The Prudential Authority said that they are “taking legal advice and considering bringing an application to put certain parts of Judge Dippenaar’s order immediately into operation”.
3Sixty Life, which is owned by the National Union of Metalworkers of South Africa (NUMSA), was placed under curatorship in December 2021 after falling into insolvency. Subsequently, a slew of regulatory infractions and governance issues have come to light, as reported by GroundUp, AmaBhungane and others.
Khandani Msibi, acting CEO of 3Sixty Life was also approached for comment, which will be added when received.