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Finance

Insurance company Chanas on the brink of the abyss

Insurance company Chanas on the brink of the abyss
  • Comments   -   Saturday, 09 August 2014 18:51

(Business in Cameroon) - Losses sustained in 2013 by the giant of the Cameroonian insurance market, are alleged to be in the range of 2 billion FCFA, according to what Financial Afrik has just revealed. According to the website, “the Cameroonian leader of the IARDT is now paying the price for its managerial instability over the last few years.” 

Indeed, in the last two years, Chanas Assurance’s management team and board have been at odds, creating a tense climate between the company’s main shareholders, all on the basis of injunctions and punitive threats by the Central Africa’s insurance market regulator, the CIMA.

The battle between Mrs Cassalegna (photo), the former CEO and the other Chanas shareholders (particularly SNH), for comtrol of the company, peaked in September 2013, with the ousting of the powerful CEO, despite injunctions by the CIMA to remove the post of CEO; and the appointment of a Managing Director, Henri Ewélé.

This taking over of the reins of the company formerly fully controlled by Cassalegno, would only be a fleeting moment. Indeed, only seven months after his appointment Henri Ewélé, fiercely fought by the almost 90 year-old Jacqueline Cassalegno, was sacked to the benefit of his replacement, Albert Pamsy who is alleged to be very close to the woman “nicknamed the iron woman”.

However, the former head of the Insurance Division of the Ministry of Finance appointed as head of Chans Assurance in April 2014, could not be responsible for the colossal losses amassed by the company. These losses resulted from Mrs Cassalegno’s refusal to do some deals for “personal” reasons, and also because of the falling-out between the former CEO of Chanas and SNH, a major shareholder in and client of Chanas. According to reliable sources, this discord led SNH to cancel its contracts with SNH for 2014.

BRM

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