Ipec to conclude investigations into Afre subsidiaries

Investigations into the dealings of Afre Corporation subsidiaries, Tristar Insurance Company, Pearl Properties and First Mutual Life by the Insurance and Pensions Commission (Ipec) are expected to be completed by mid-next month.

Afre Corporation recently said it had been exposed to the tune of over $6 million by ReNaissance Financial Holdings Limited (RFHL) following interparty financial transactions.

Ipec was ordered by the Finance ministry in May to investigate the three companies following links with the former Renaissance Financial Holdings CEO Patterson Timba.

This story is for NewsDay subscribers.