Fidentia investors who lost savings to receive some cash
On Thursday, fraudster J Arthur Brown’s last asset, the Sante Hotel, Conference Centre and Spa was auctioned for R25.1 million.
JOHANNESBURG – A co-curator of the Fidentia companies says investors who lost savings will receive some cash within the next few months.
On Thursday, convicted fraudster J Arthur Brown’s last asset, the Sante Hotel, Conference Centre and Spa was auctioned for R25.1 million.
Four villas on the property were also sold for between R2.6 million and R4.6 million.
There were gasps as the hammer came down and the last of Fidentia’s assets were auctioned off.
In total, the hotel and villas raked in just under R40 million.
Co-curator John Levin says he is glad the debacle is over, but it’s shocking that investors have had to wait almost a decade for compensation.
Levin says even though there will be cash for the thousands of widows and orphans of mine workers who were affected, many lives have been ruined:
“It’s just a tragedy that has taken us as long as it has to bring this curatorship to an end.”
Brown is serving a 15-year prison sentence for running one of the country’s biggest embezzlement schemes.
(Edited by Leeto M Khoza)