Latest news with #SFIC
Indian Express
2 days ago
- Business
- Indian Express
50,000 govt employees ‘not paid', Madhya Pradesh begins probe
The Madhya Pradesh government has started investigating allegations that salaries of 50,000 government employees have not been paid for over six months as the finance department said it has begun a verification excercise. These employees have employee codes, but their salaries have not been drawn, raising suspicion about potential irregularities. The Commissioner of Treasury and Accounts (CTA) had on May 23 asked the Drawing and Disbursing Officers (DDOs) to investigate the matter. The finance department said in a statement that the verification of data for both regular and non-regular employees is a 'continuous process', carried out through the Integrated Financial Management Information System (IFMIS) software. The exercise is being led by the Office of the Commissioner, Treasury and Accounts, which has issued multiple instructions to treasury and disbursing officers to confirm the accuracy of employee records. 'All treasury, drawing and disbursing officers have been directed from time to time to verify employee data through official correspondence,' said an official from the commissioner's office. The state-level Financial Intelligence Cell (SFIC), functioning under the Commissioner of Treasury and Accounts, regularly analyses data from treasuries and monitors salary disbursement trends. According to officials, the SFIC recently scrutinised records of nearly 50,000 employees whose salaries have not been drawn through the treasury software in the past four months. 'In such cases, verification of employee details has been mandated through the respective drawing and disbursing officers,' read a directive issued by the Commissioner. 'This is a continuous process undertaken periodically by the office.' A review of data from December 2024 revealed further potential irregularities. 'There are employees with valid employee codes whose retirement dates have not been entered, and the exit process in IFMIS has not been completed, yet no salary has been withdrawn for four months,' the department said. In light of these findings, treasury officials have been asked to share relevant data with DDOs and obtain written confirmation within 15 days, including reasons for the salary stoppages. 'The details received from DDOs will be submitted to the Commissioner's office,' the directive noted. 'If any discrepancies are found during data verification, immediate reports must be sent through the Divisional Joint Director, Treasury and Accounts.' Officials maintained that the scrutiny of employee data is not an isolated audit, but rather 'a standard and ongoing administrative process aimed at maintaining transparency and accuracy in the state's financial systems'.
Yahoo
30-01-2025
- Business
- Yahoo
AM Best Maintains Under Review With Developing Implications Status for Credit Ratings of First Insurance Company
LONDON, January 30, 2025--(BUSINESS WIRE)--AM Best has maintained the under review with developing implications status for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of First Insurance Company (SFIC) (Jordan). The Credit Rating (rating) action follows the announcement on 9 January 2025 that SFIC's sister company, Solidarity Bahrain B.S.C., has signed a sale and purchase agreement (SPA) with Bahrain National Holding Company B.S.C. in relation to the acquisition of 100% of the issued share capital of each of Bahrain National Insurance Company B.S.C. (c) (BNI) and Bahrain National Life Assurance Company B.S.C. (c) (BNL) for a total purchase price of BHD 75 million. The signing of the SPA follows the previous announcement on 11 August 2024 that SFIC's parent company, Solidarity Group Holding B.S.C. (c), agreed to purchase the operations of BNI and BNL. The ratings are expected to remain under review with developing implications until the transaction closes and AM Best has assessed its impact on SFIC's credit rating fundamentals. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Saad Abbasi Financial Analyst +44 20 7397 0316 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Jessica Botelho-Young, CA Director, Analytics +44 20 7397 0310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Sign in to access your portfolio
