About 300 people are vying for vehicles, printing and office equipment on offer in Cape Town on Saturday in the first auction of assets of financial-services company Fidentia Holdings.
”There is no place for anybody to sit,” said an Auction Alliance employee, speaking on condition of anonymity.
The most excitement was caused by the sale of two Nissan vehicles, which were snapped up at R280 000 and R200 000 shortly after the auction began at Century City at 10am.
The auction list includes a ”large assortment of motor vehicles”, printing equipment and office equipment.
Gym equipment on auction includes a horizontal leg press, an adjustable sit-up bench, a decline bench press, standing calf press and Roman chair.
Fidentia, which managed assets valued at about R1,6-billion, was placed under curatorship earlier this year.
The Living Hands Umbrella Trust — which offers cover to family members of mineworkers injured at work — and the transport sector Seta were some of Fidentia’s biggest clients.
Assets valued at R700-million are allegedly missing.
Fidentia chief executive J Arthur Brown and financial director Graham Maddock are facing charges of fraud, theft, contraventions of the Companies Act, the Financial Advisory and Intermediary Services Act, the Reserve Bank Act and exchange-control regulations, as well as contravening income tax laws.
They are currently out on bail of R1-million each.
Businesswoman Danisa Baloyi recently repaid an interest-free loan of just under R8-million she received from the company.
Fidentia curator George Papadakis said the Baloyi repayment was the only chance of meeting the trust’s obligation to 47 000 widows and orphans in May.
Baloyi relinquished all her posts with companies and NGOs in March. This followed her removal
from the board of the Absa Group and Absa Bank. — Sapa