The Cape High Court-appointed curators of the Fidentia Group have found money stolen from investors who entrusted their savings to companies in the organisation, financial website Moneyweb reported on Thursday.
Co-curator George Papadakis told Moneyweb: ”We know where every cent is and who has got it. Some have offered to repay; others are choosing to fight us.”
While much of the R1,6-billion belonging to widows and orphans whose funds were entrusted to Fidentia was spent in an extravagant corporate spending spree, more than R100-million found its way to people who shouldn’t have accessed it, he said.
So far, about R300-million has been repaid to investors, said Papadakis.
The curators have been piecing together a trail of transactions and money transfers here and abroad.
Former Fidentia executive chairperson J Arthur Brown and accountant Graham Maddock have been arrested and released on bail twice in connection with fraud and theft totalling many millions of rand.
Piet Bothma, of the transport education training authority, has also joined them in court in connection with the disappearance of more than R200-million of the authority’s money after it was handed to Fidentia for investment.
Steve Goodwin, one of the alleged key architects of the financial deals, is believed to have left the country. – Sapa