Senior executives and directors, including the group chief executive, of Metropolitan have dumped millions of rands-worth of the company’s shares this month – but the company says “nothing sinister” should be read into their moves.
Life companies, including Metropolitan, face a hefty bill of about R3-bn for exploiting savings’ product clients following an agreement struck with Minister of Finance Trevor Manuel this week.
Metropolitan group chief executive Peter Doyle told Moneyweb Radio earlier this week that Metropolitan is expecting to fork out more than R150-m to clients.
“It is a high cost to the industry but one of the key considerations was to ensure there was no systemic risk and this we have achieved,” Doyle said.
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