3Sixty Life curator quits from employer
THE curator of 3Sixty Life has resigned from her employer, BDO Advisory Inc.
She was actively recruited and subsequently employed as head of actuarial services in August 2021.
Yashoda Ram and BDO have had a publicly challenging relationship ever since her suspension and just before she was due to submit her interim report to court stating that there was no reason for 3Sixty Life to be placed under curatorship.
This disappointed BDO which worked with the PA to try to remove Ram and replace her with Tinashe Mashoko, who was her junior.
Mashoko exposed his lack of independence when he signed an affidavit supporting permanent curatorship of 3Sixty Life with no facts to support his stance. His role was to lead the actuarial team supporting the curator, yet little actuarial work was done as he focused on his relationship with the PA.
The new developments are a blow to BDO which was expecting to coin it from 3Sixty Life as curators, and their service providers have carte blanche from the company they are supposed to be looking after. Sadly for BDO this ends its stranglehold of the licence.
As the pending judgement from Justice Dippenaar is anticipated, the curator remains a court appointed natural person. BDO was only mentioned in the original court order as the employer of Ms Ram, and nothing further.
As per the regulator’s own rules, all outsourced functions need to be duly appointed. This includes outsourcing agreements in place and letters of appointment. BDO has none – an interesting position to be in indeed.
Ram’s resignation may create a dilemma for the PA, or expose the relationship with BDO for what we suspect it is. The PA through ENS tried to remove Ram and failed in court due to incompetence and lack of urgency. An unopposed matter was thrown out due to incorrect procedure and insufficient factual evidence.
The PA has not lodged an appeal because of the extent to which the matter was dismissed; the PA may have misled the court about the integrity of the curator to place a curator who would do as told.
The decision on extending or discharging curatorship still awaits judgement, six weeks after all parties were heard in the High Court.
If the judge lifts the curatorship it may make the PA’s life easier, though embarrassing. If the court maintains the curatorship it means the PA has a curator who says there is no need for curatorship.
Ram was contacted for comment and confirmed her resignation from BDO effective immediately, but declined to comment any further.
Contacted for comment, 3Sixty Life Group CEO Khandani Msibi said he was surprised that the relationship between BDO and
Ram had lasted this long. “From the moment she went against the curatorship narrative we knew she was done with them,” Msibi said.
“BDO consorted with the PA to have her removed. BDO submitted a replacement proposed curator and they did this despite defending her against the accusation by the PA.
“BDO is terribly conflicted in this curatorship and the end of this relationship is good for all, except of course for the PA. That’s my comment,” Msibi added.