AMP chief risk officer resigns

including capacity.

Rival German container shipping line Hapag-Lloyd reported higher first-quarter profits on Monday.

Maersk shares are down 29% from a July 2017 peak when optimism about freight rates and a turnaround in global container shipping began to fade. — Reuters taking out container SYDNEY: AMP Ltd has announced the resignation of its chief risk officer for advice, the seventh senior official to depart following allegations of criminal misconduct at Australia’s biggest wealth manager.

Pally Bargri, chief risk officer for advice, had earlier announced his resignation in a post on social network platform LinkedIn, saying, “I have insufficient capacity to carry through the important task of navigating the days and months ahead”.

AMP did not elaborate on reasons for Bargri’s resignation.

AMP has lost a number of executives including former chief executive Craig Miller and chairwoman Catherine Brenner following revelations at the government-ordered Royal Commission that the firm had lied to regulators and allegedly doctored an independent report.

Last week, three directors quit AMP’s board following calls for their resignation from investors who have also expressed displeasure through class action lawsuits and voting overwhelmingly against executive pay plans at its AGM.

AMP shares have lost A$4.5bil (US$3.4bil) of their market value since early March. — Reuters