The curatorship of funerals cover insurer 3Sixty Life hangs in limbo along with the company's future as the process, which has dragged on for more than two years already, still awaits the completion of annual financial statements, including awaited court judgements, which are all unlikely to lead to resuscitation without recapitalisation or liquidation.
This is as 3Sixty Life Group CEO Khandani Msibi this week said the group was contemplating approaching the courts to have the final curator, Fagmeedah Petersen-Cook, removed as she had not succeeded in her work but had been a drain through the curatorship fees paid.
Msibi said the business had been doing well under the first curatorship it made a R60 million profit in the first year of the Covid-19 pandemic and R40m the following year, until the current curator was appointed.
The curatorship is a fuss, it only serves to enrich the curator. Now that we have moved business to African Unity, it is making a loss. We will approach the courts to show that there is no need for a curator. It has been two and a half years, Msibi said.
The SA Reserve Bank took a business owned by shareholders and put it under curatorship for more than two years. This should not have taken more than six months, but they are embarrassed that they were at fault.
