A former employee of a major insurance company has been permanently barred from working in the financial sector following allegations that she colluded with clients in a scheme to defraud her employer.
Makoma Cheu, who previously worked for the company, faced disciplinary action after an internal investigation revealed troubling activities linked to her name. It was discovered that she had submitted insurance policy applications without the knowledge or consent of at least five individuals.
Further findings showed that some of the documents contained forged signatures and were part of an alleged scheme involving the clients themselves, with the aim of exploiting the insurer.
As part of the inquiry, Cheu was questioned by investigators and reportedly provided a handwritten statement in July 2024 admitting to her involvement. However, she later attempted to withdraw from those admissions.
In early 2025, Cheu tried to defend herself by submitting sworn statements from two of the five clients involved. These clients denied any collusion and claimed that they cancelled the policies due to personal financial challenges.
Despite this, the company proceeded with formal debarment proceedings in March 2025, stating that Cheu’s conduct failed to meet the standards of honesty and integrity expected in the financial sector.
When the case reached the Financial Services Tribunal, Cheu denied that her written confession was voluntary. She claimed she had been pressured into writing it, saying the investigator was rushing to leave and didn’t give her a chance to explain her side of the story.
The tribunal, however, found her explanation unconvincing. It ruled that she failed to provide a credible basis for retracting her confession and upheld the decision to bar her from further employment in the financial services industry.
The tribunal concluded that there was no reason to overturn the company’s decision.