judgment reserved on fidentia home
21 August 2007

Judgment was reserved in the Cape High Court on Friday on a bid by curators to attach the upmarket Cape Town home of Fidentia boss, J Arthur Brown.

The curators are also seeking the attachment of a vacant plot next door to the Sunset Beach mansion.

They claim the two properties, valued at a combined R15 to R20-million and registered in the name of trusts, have been bought with money Brown misappropriated from Fidentia.

In May the curators secured control of the multi-million rand Facets building in Cape Town's Century City, which was registered in the name of the Brown family trust. Co-curator Dines Gihwala said then in court papers it seemed clear that the family trust was created at least in part for the purpose of hiding the theft of Fidentia funds.

Brown and financial director Graham Maddock are on bail of just over a million rand each after being arrested on charges of fraud and theft.

Curators say they are trying to track down about a billion rands in missing funds.

Sapa, www.iafrica.com