Credit company Afab takes action on finances

Credit company Afab on Wednesday announced a string of measures to restore confidence in its operations following reports that the firm is having trouble meeting its financial obligations.

The group is separating off the division which serves its 4,000 insurance agents following controversy about commissions. Afab also said it expects further fines from the financial services regulator AFM.
Agreement has also been reached with the banks on refinancing €190m-worth of debt, the company said. And Afab’s 2007 annual report is to be revised because a ‘careful’ look showed ‘amendments are necessary’. The 2008 figures have not been published.
Afab told the Financieele Dagblad it was keeping in ‘intensive contact’ with the AFM. Earlier this year telephone sales unit O&B Finance was fined and Afab said on Wednesday another subsidiary Hollandsche Disconto Voorschotbank faced three fines. Other AFM investigations are continuing, the paper said.

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