Fidentia trial continues

Johannesburg - The embezzlement trial of former Fidentia boss J Arthur Brown is expected to continue in the Western Cape High Court on Wednesday.

The trial was postponed on Tuesday to give Judge Anton Veldhuizen time to scrutinise an altered admissions document.

Last week, Brown admitted guilt on two major counts. He handed in a document with admissions on two charges related to the Transport Education and Training Authority (Teta) and Mantadia Asset Trust Company (Matco).

Brown said he made the admissions to "bring an end to the trial".

Teta advanced two promissory notes and two cash amounts totalling R200.3m to the Fidentia group of companies as an investment on a non-discretionary mandate, of which R15m had been returned.

Brown admitted these amounts were invested from time to time in asset classes different to those specified in the investment mandate.

Regarding Matco, he admitted Fidentia misrepresented itself by saying the full purchase price for the company would be paid before it took control of Matco.

Brown is appearing on corruption and money-laundering charges.