CII pulls out of ANZIIF merger
The Chartered Insurance Institute (CII) Group has decided to terminate the proposed merger with the Australian professional body ANZIIF after a number of financial discrepancies have emerged in ANZIIF's accounts.
In a statement, the CII said it had become apparent that ANZIIF's revenues were falling dramatically and it was potentially heading for a loss this year, the second year running.
The CII said it was deeply disappointed the ANZIIF management only disclosed the information this week and now felt any merger with ANZIIF would be detrimental to its members' long-term interests.
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