Since October, it has lost two chief executives, a chairman and a chief financial officer, halved staff numbers and suspended new sales of direct insurance products.
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Freedom on Thursday said a strategic review undertakenwith Deloitte had found there was no “immediate commercially viable option” to restart sales of its life products.
As part of the review, it identified that on a “business-as-usual” basis, it might face a liquidityshortfall in calendar 2019 due to the timing of commission clawbacks.
“Notwithstanding this potential liquidity issue, the board remains satisfied that the company is solvent, based on the funding, efficiency and business restructuring options available,” it said in a statement.
Read the full article at: https://www.smh.com.au/business/banking-and-finance/freedom-insurance-shares-halve-as-flags-asic-investigation-liquidity-woes-20181206-p50klg.html