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First Central Insurance - under curatorship

20 October 2003

Remaining FCI creditors will get 50c for each rand

The Financial Services Board (FSB) today announced that the curatorship of First Central Insurance (FCI) will end any time after 1 December this year.

The announcement follows the curators' sixth and final report to court on 29 September 2003. Copies of the report are available for inspection either at 1st Floor, Park Terras, 33 Princess Wales Drive, Parktown, or the Financial Services Board, 446 Rigel Avenue South, Erasmusrand, Pretoria.

All creditors of FCI, including claimants under insurance policies issued by FCI, whose claims against the company have not been settled either by agreement with the curators or otherwise, are advised to contact the curators before 15 November 2003 to establish and quantify their claims against FCI.

It applies to all creditors, irrespective of whether or not they are engaged in litigation against or involving FCI and/or the curators.

The curators will settle and discharge the claim of each FCI creditor, which has been established and quantified prior to 15 November 2003 by agreement with the curators, at the rate of fifty cents for and in respect of each rand of the settled quantum of each such claim.

FCI creditors who fail to avail themselves of this settlement opportunity will most likely be obliged to enforce and/or to recover their claims against FCI under the management of the directors of FCI.