: Because we’ve opened it up in the first place. We first revealed the bulking and revealed a lot more that was going on in Alexander Forbes that was totally unacceptable. The bulking of bank accounts and the secret profits that made from them is only one small bit of what we’ve revealed and we revealed some more in parliament yesterday. To my mind, at least for a period of about 10, years under the former management, Kerrigan & Co, there was a plan to make secret profit at every single turn. Every time a penny turned they took a slice. And it wasn’t just bulking of bank accounts. They have a thing called an imprest account – we don’t know how much profit they made from it, but in terms of the law you are supposed to pay contributions from employers and employees into the bank account of the retirement fund within seven days. They set up a thing called Fihrst in between, and the money went there first. We don’t know how long it sat in that account before it actually went into the bank account. They took money from scrip lending, they took money from dividend sales. - more available
: Because we’ve opened it up in the first place. We first revealed the bulking and revealed a lot more that was going on in Alexander Forbes that was totally unacceptable. The bulking of bank accounts and the secret profits that made from them is only one small bit of what we’ve revealed and we revealed some more in parliament yesterday. To my mind, at least for a period of about 10, years under the former management, Kerrigan & Co, there was a plan to make secret profit at every single turn. Every time a penny turned they took a slice. And it wasn’t just bulking of bank accounts. They have a thing called an imprest account – we don’t know how much profit they made from it, but in terms of the law you are supposed to pay contributions from employers and employees into the bank account of the retirement fund within seven days. They set up a thing called Fihrst in between, and the money went there first. We don’t know how long it sat in that account before it actually went into the bank account. They took money from scrip lending, they took money from dividend sales. - more available
: Because we’ve opened it up in the first place. We first revealed the bulking and revealed a lot more that was going on in Alexander Forbes that was totally unacceptable. The bulking of bank accounts and the secret profits that made from them is only one small bit of what we’ve revealed and we revealed some more in parliament yesterday. To my mind, at least for a period of about 10, years under the former management, Kerrigan & Co, there was a plan to make secret profit at every single turn. Every time a penny turned they took a slice. And it wasn’t just bulking of bank accounts. They have a thing called an imprest account – we don’t know how much profit they made from it, but in terms of the law you are supposed to pay contributions from employers and employees into the bank account of the retirement fund within seven days. They set up a thing called Fihrst in between, and the money went there first. We don’t know how long it sat in that account before it actually went into the bank account. They took money from scrip lending, they took money from dividend sales. - more available