Today's Labour News

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newsPhilani Nombembe reports that bidders on Thursday spent R39-million on a rundown hotel and spa in the Cape Winelands in the final chapter of the Fidentia fraud case that unravelled almost a decade ago.  

The property was owned by the defunct company.  The fraud was masterminded by Fidentia boss J Arthur Brown, who is now serving a 15-year prison sentence.  Thousands of widows and orphans lost more than R1-billion in the financial scandal.  Fidentia controlled the Living Hands Umbrella Trust responsible for making monthly payments to beneficiaries of the Mineworkers Provident Fund.  The trust is Fidentia’s biggest creditor‚ due 89.6% of the proceeds.  The trustees said the trust has about 400 different funds comprised of about 60‚000 beneficiaries from various Southern African countries.  Since their appointment in 2012‚ the trustees have traced and paid more than 26‚000 beneficiaries.  They have paid out more than R31-million to date.

  • Based on reports at TimesLive and SowetanLive
  • See too, Fidentia investors who lost savings to receive some cash, at EWN

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