Perth-based Wesfarmers Federation Insurance is regarded as one of the most efficient insurers around. It’s also tightly managed by GM Bob Buckley, who is unlikely to be happy about the circumstances that earned the company some free publicity last week. A member of the company’s Melbourne claims staff, Magdi Atalla, was sentenced on Friday to a minimum of 5 1/2 years’ jail for gambling away $4.3 million of the company’s money. That’s $1200 a day for 10 years.

Between 1991 and 2000, 44-year -old Mr Atalla deposited 1003 insurance claim cheques into trusts accounts he created. The amount stolen from Wesfarmers Federation totalled $4,328,520,63.