PSMAS members shut down holding company

PREMIER Medical Aid Society (PSMAS) members voted unanimously on Wednesday to disband the holding company after it was revealed that the entity had served as a vehicle for misappropriation of US$60 million from the society.

The radical move was made at a special annual general meeting where a forensic audit report revealed that the money was lost due to suspected fraudulent activities with blame heaped on the holding company, home to 70 employees.

The money was lost in the period between 2018 and 2022 July through a defective claim management system and the purchase of properties by officials that were not registered with the company’s management systems.

This story is for NewsDay subscribers.