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Thread: 'Millions missing' at Fidentia

  1. #21
    just me duncan drennan's Avatar
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    It seems that the curators have figured out where R100mil of the money has gone....

    This was said by co-curator George Papadakis, who told Moneyweb this week: "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 R1,6bn belonging to widows and orphans whose funds were entrusted to Fidentia was spent in an extravagant corporate spending spree, more than R100m "found its way to people who shouldn't" have accessed it, he said.

    So far, about R300m has been repaid to investors, said Papadakis.

    Full article on MoneyWeb
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  2. #22
    Silver Member Graeme's Avatar
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    Public Investment Commisioner

    BEE and the State Pension Fund

    The Public Investment Corporation plans to withdraw a further ninety thousand million rand, or a quarter of its assets in pension fund and other monies, from asset managers such as Sanlam, Old Mutual, Stanlib and others. This was announced yesterday by the state pension manager (Mercury 25-09-2007). The reason given was to reassign this staggering amount of other peoples’ money to investment managers that had greater ownership and participation by black people. The present investment fund managers will be given the opportunity to re-apply under new mandates. Yawellnofine.

    The announcement just happened to be made on Heritage Day, one of the more politically emotive occasions that are to be found in the South African calendar.

    The new mandates which are to be introduced will, of course, make before/after comparisons impossible and whether the new arrangements will turn out in the end to be more or less favourable for the million-plus state pension fund members, together with state pensioners and their dependants cannot be known right now but I doubt if in a few years down the line anyone will be able to unscramble it all and work out if the change produced the best investment outcome. Investing large sums of money to best advantage is an extraordinarily intricate business and pension funds, both private and public, are notoriously secretive about these outcomes. Whilst private-sector investment managers may be dragged through the courts to establish just precisely what happened on their watch (vide Alexander Forbes), try taking the PIC to court!

    The investment of Pension Fund assets should be distributed amongst managers on a competitive and transparent basis - it really is the only way. With the PIC will we ever know?

  3. #23
    Platinum Member Marq's Avatar
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    The pro's and con's of having a pension fund.
    I'll stick investment managers and political threat on the con's side.
    It's rather heavy on that side.

    Perhaps a quick debate on what you would do for a pension scheme these days would be interesting.

    I don't have one at the moment and have been wondering whether I should
    • spend some time playing the stock market myself
    • get a passive income going properly now
    • buy property for future rental income
    • cash in the bank
    • cash under the mattress
    • bury gold bars in the garden.

    What does one do these days given fidentia, Liberty, Sanlam, empty gravy train pockets, greedy sars officials, hungry non working class etc.?

    I certainly don't feel like working till I drop and I am hoping that I can still squeeze a few years out allthought our odds in sa appear to be dropping.

  4. #24
    Silver Member Graeme's Avatar
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    Pension Scheme - Quick debate

    Marq - I offer the following comments regarding your post about retirement funding investment alternatives:

    You mention "playing the stock market" - by this I assume you mean speculation rather than investment. Don't do it; unless you have an ongoing source of truly excellent inside information you are unlikely to win in the long run, any more than you would win in the long run against the casino. And SARS treats profits from speculation as income taxable at marginal rate instead of taxable as capital gains (max 10%). Much, much better to invest in blue chip equities, in businesses you understand and can monitor, and stay with for the long haul.

    "Buy property for future rental income" - Apart from owning your own home, I have never liked property as an investment because it takes too long to sell (with shares you can be out in hours), there are too many taxes on property and it's getting worse, a bad tenant can be a nightmare, and property owners can/will increasingly become a target for the homeless and the hungry.
    Last edited by Dave A; 20-Apr-09 at 04:24 PM. Reason: fixing character set problems

  5. #25
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    Only in South Africa, can you get a Licence to Loot and still recieve a Diploma for Job Creation. The Lotto is also a Scam, with Job Creation as a Front, Discovery Medical Aid are being taken to court to pay-up R645 Million for Wrongful Debits to their Clients, they will recover this amount in a matter of Days, and just today Jackie Selebi denied that he is Interpol's Crime Boss operating in South Africa.......Hey, Don't Worry, It's all in the name of Job Creation and Re-Distribution of Wealth.

  6. #26
    Site Caretaker Dave A's Avatar
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    Fidentia chief executive J Arthur Brown has been arrested on charges of theft, fraud and money laundering, the NPA said on Friday.

    "J Arthur Brown was arrested on the strength of a warrant following the investigation that was carried out on a separate leg of the bigger Fidentia investigation," said National Prosecuting Authority spokesman Tlali Tlali.

    He was arrested in Cape Town's central business district on Friday afternoon and appeared in court.

    The case was postponed to Monday and Brown would remain in police custody until he appeared in court.

    "We should be able to disclose before court [on Monday] the reasons and circumstances that led to the arrest," Tlali said.
    full story from IOL here

  7. #27
    Site Caretaker Dave A's Avatar
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    Fidentia boss allegedly raped in police van

    Fraud suspect J Arthur Brown was allegedly raped in the back of a police van last week, the Sunday Times reported.

    Brown's attorney, William Booth, said the former Fidentia boss -- accused of theft and fraud involving hundreds of millions of rands -- suffered an "extremely humiliating" sexual assault in a jam-packed prison van taking him from the Cape Town Magistrate's Court to Pollsmoor on Monday.

    He said Brown is now under police guard in a private Cape Town hospital that has special expertise in treating Aids patients.

    "He's been seen by a psychiatrist, he's had a couple of procedures and he's on antiretrovirals. His mental state is not good."
    full story from M&G here
    Not on! This is ridiculous!

  8. #28
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    Oh please! I do not believe it for a moment - WTH, this man stole from old people and orphans - this is another scam by him to get transferred to some cushy 5 star hotel awaiting trial. He wants sympathy for being "humiliated"?

    How humiliating must it not be for all those pensioners who now have to depend on their families for the REST OF THEIR LIVES for food?

    This kind of hypocrisy gets right up my nose! How dare he?

    *okay, okay I will get off my soap box now!*
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  9. #29
    Site Caretaker Dave A's Avatar
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    At least justice seems to be grinding on in the Fidentia case.
    A key figure in the Fidentia saga, Steve Goodwin, has been convicted of fraud and corruption, and of money laundering involving about R93 million.

    In terms of a plea agreement endorsed by the Cape High Court on Monday morning, he has been sentenced to an effective 10 years in jail.

    Part of the deal is that he will testify in criminal proceedings against his former associate, ex-Fidentia boss Arthur Brown.
    full story from Business Report here

  10. #30
    Silver Member Frankincense's Avatar
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    ...eeerhhhmm...I do see Injustice grinding more swiftly at this stage...

    http://turnerradionetwork.blogspot.c...st-reults.html

    Talk about putting money under the bed....?

    The comments below the report are RAW..not for the faint hearted...

    It's not about who's being held accountable...I wouldn't get to happy just yet...it's the people who will pay...you and your families....
    Last edited by Frankincense; 20-Apr-09 at 09:40 PM.

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