Michael Pascoe writes:

There’s something a little odd going on at Melbourne’s
IOOF Group – the financial services company that was formerly a mutual with the
delightful name, Independent Order of
Odd Fellows.

CEO Ron Dewhurst confirmed to Crikey this
morning that there is an internal investigation going on, but said it was not
over a “material” matter – which means not enough money is involved to
significantly impact the bottom line and therefore require immediate disclosure
to the stock exchange.

Ron said no-one has left the company or
been sacked – but he didn’t comment when asked if executives had been suspended
during the investigation.

Internal investigations, executives being
suspended, all very sensitive indeed for a financial services company – but
we’re promised more could be revealed tomorrow.

As the IOOF site tells us, the company manages and administers more than $25 billion, has 30,000
shareholders and employs some 400 staff. It’s certainly not a little self-help
mutual any more.

Peter Fray

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Editor-in-chief of Crikey

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