COMPANY NEWS IN BRIEF
Old Mutual to appeal ruling
Old Mutual will appeal a ruling by the South Gauteng High Court in Johannesburg that it must pay more than R1.7 billion to a group of investors in Fidentia.
The Living Hands Umbrella Trust, which was originally called the Mantadia Asset Trust Company (Matco), was set up to benefit widows and orphaned children of mineworkers who died in service.
Matco was sold to Fidentia in 2004.
The Living Hands accused Old Mutual of allowing convicted Fidentia fraudster J Arthur Brown and his cohorts, who became Matco’s directors between October 2004 and January 2007, to access its funds without performing any due diligence or exercising proper precautions.
Days after Fidentia bought Matco/Living Hand in 2004 – and without having actually paid the R93 million price for those shares – Fidentia representatives tried to persuade Old Mutual to give them R150 million of the trust’s money.-Fin24
Old Mutual will appeal a ruling by the South Gauteng High Court in Johannesburg that it must pay more than R1.7 billion to a group of investors in Fidentia.
The Living Hands Umbrella Trust, which was originally called the Mantadia Asset Trust Company (Matco), was set up to benefit widows and orphaned children of mineworkers who died in service.
Matco was sold to Fidentia in 2004.
The Living Hands accused Old Mutual of allowing convicted Fidentia fraudster J Arthur Brown and his cohorts, who became Matco’s directors between October 2004 and January 2007, to access its funds without performing any due diligence or exercising proper precautions.
Days after Fidentia bought Matco/Living Hand in 2004 – and without having actually paid the R93 million price for those shares – Fidentia representatives tried to persuade Old Mutual to give them R150 million of the trust’s money.-Fin24
Comments
Namibian Sun
No comments have been left on this article