Eskom's 'captive' insurer fined for unlawful R600m dividend | Business

South Africa’s most profitable insurer has been fined for unlawfully paying Eskom R600m to assist with its serious liquidity problems. | News24_Business

South Africa’s most profitable insurer has been fined for unlawfully paying Eskom R600 million to assist with its serious liquidity problems.

Escap, the power utility’s"captive" short-term insurer which relies on Eskom for most of its premium income, made the dividend payment in 2021., which was already investigating Escap for six other contraventions of the Insurance Act, imposed a R5 million fine after concluding that the board’s decision to declare a dividend was based on an overstated solvency position.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month.

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