We remarked back in October that Malaysian billionaire Ananda Krishnan had saved $60.5 million selling his 25 per cent stake in salary packaging company Smartgroup through a Macquarie blocktrade before news of the pending departure of long-term CEO Deven Billimoria crashed the share price in November. But we didn't know the half of it.

On Monday, the Michael Carapiet-chaired company revealed to investors that its insurance underwriting partner was changing the terms of its relationship with the company. The effect of this is a $4 million hit to after-tax profits in 2020. The company has tumbled a further 21.3 per cent in the two trading sessions since.