The CEO of Numsa Investment Company, Khandani Msibi, has criticized the court-appointed trusteeship of 3Sixty Life, an insurer linked to the National Union of Metalworkers of SA (Numsa). Fagmeedah Petersen-Cook, the appointed curator, has blocked access to a key database for three Numsa-affiliated intermediary companies. This move is aimed at preventing them from advising 3Sixty Life’s customers to transfer their policies to another insurer, which is part of a strategy pursued by Numsa’s investment department to force the liquidation of the insurer. Msibi has labelled the trusteeship as an “evil process” aimed at destroying black insurers.
