IPEC re-registers firm at center of Air Zim Insurance Scam
Firm changes name to AGH Insurance brokers
By Donald Chidoori
The judicial manager of troubled Insurance brokerage firm, Navistar Insurance Brokers, announced in a public notice that the firm had been re-registered by the Insurance and Pensions Commission (Ipec) amid speculation that the firm is set to resume operations soon.
The firm had been de-registered by Ipec in March 2016, for allegedly defrauding Air Zimbabwe of millions of dollars through inflating aviation insurance premiums.
The regulator had earlier (March, 2014) suspended the company’s operating licence in March, 2014; when three of its directors – Vukile Hlupo, Givemore Nderere and Orten Mawire – were slapped with charges of fraud and criminal abuse of office for allegedly defrauding Air Zimbabwe of $8 million in 2009 through inflating aviation insurance premiums.
The three Navistar Insurance Brokers bosses were however acquitted of defrauding Air Zimbabwe, by Harare regional magistrate Mr Noel Mupeiwa, in 2015 after the State failed to prove a case against them.
The suspension by Ipec crippled Navistar’s operations, resulting in the company being placed under judicial management, in May 2014.
Judicial Management (“JM”) is a temporary court-supervised rescue plan. Objective: to give viable companies which are in financial trouble a more even chance to rehabilitate themselves and be restored to profitability.
The judicial manager, Wesley Sibanda of Welsa International Chartered Accountants, advised the firm’s clients, creditors and statutory bodies that Navistar had re-registered with Ipec under the name AGH Insurance Brokers (Private) Limited.
“The Judicial Manager of Navistar Insurance Brokers wishes to advise all clients and creditors and statutory bodies that Navistar has been registered with Insurance and Pensions Commission (Ipec) and issued with an insurance broking licence in terms of the Insurance Act (Chapter 24:07). The Company shall be trading as AGH Insurance Brokers (Pvt) Limited and will change its name as such,” he said.
The re-registration of Navistar has led to intense speculation that the company is heading back into profitable business after it has been under judicial management for more than three years.