New Exec Joins Old Mutual Insurance

September 16 - Old Mutual Corporate in South Africa announced this week that it had appointed a new Managing Director.

According to the group, Bongani Madikiza will become MD of Old Mutual Corporate from October 1st, 2010.

He will take over the post from Seelan Gobalsamy who said that he was resigning from the company to pursue further interests.

"We regret bidding farewell to Seelan and thank him for his contribution to the business," said the current Chief Executive Officer of Old Mutual SA, Kuseni Dlamini.

"We are, however, pleased that we've been able to move swiftly to appoint Bongani Madikiza, currently Executive General Manager Corporate Distribution, as the new Managing Director for Old Mutual Corporate."

"There will be a managed handover during the immediate period ahead," he said.

In other Old Mutual news, it was reported that a former manager of the group was found guilty for embezzling R1 million from the company.

Monica Boniswa Ntloko was found guilty on five counts of fraud and one count of money laundering in a Bellville commercial crime court.

She was not yet sentenced and was released on warning in order to care for her daughter who has cerebral palsy.

Only R20,000 of the suspected R1 million stolen was ever recovered, and the prosecutor showed how Ntloko had made the evidence "disappear" to cover her tracks.

The 42 year old had served as an assistant accountant with the firm and had been manager of the new-products division.