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First Mutual Defers AGM Pending Probe Finalization


ZSE-listed financial services group, First Mutual Holdings Limited (FMHL) has deferred its 2022 Annual General Meeting (AGM) pending finalization of an investigation into one of its subsidiaries by the regulator.

The Insurance and Pensions Commission (IPEC) early this year instructed an investigation into First Mutual Life Assurance Company-a subsidiary of FMHL after suspicion of an anomaly in the assets separation exercise which could have prejudiced policy holders in favor of shareholders.

The probe which started in September is expected to be finalized early next year.


 “First Mutual Holdings Limited (FMHL) has been unable to conduct its Annual General Meeting (AGM) within twelve months of the previous AGM as the external auditors are yet to issue their audit opinion for the year ended 31 December 2021,” said FMHL company secretary Sheila Lorimer.

“The delay arises following the appointment of a forensic investigator by the Insurance and Pensions Commission (IPEC) to conduct an investigation into First Mutual Life Assurance Company (Private) Limited, a subsidiary of FMHL. The auditors will only issue their opinion once that investigation has been concluded. The investigation, which began on 5 September 2022, is expected to take 4 months to complete. Hence it will not be possible to conduct the AGM before the end of 2022. Shareholders will be advised of the date of the AGM as soon as these processes have been finalized.”

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The auditors’ opinions will only be availed once the probe in finalised.

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