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State seizes Fidentia assets

Jul 01 2012 16:15
Sapa


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Johannesburg - The State has seized R230m worth of assets from Fidentia fraud accused Noel Cunningham, the Sunday Independent reports.

Cunningham was charged with defrauding asset manager Fidentia Holdings of R150m.

Houses, vehicles and cash were seized following a final restraining order granted by the Western Cape High Court last month.

"It's one of the highest-value asset forfeitures, not only in the Western Cape but countrywide," provincial public prosecutions spokesperson Klaas van Zyl told the paper.

Cunningham allegedly sold his company, Webworths, worth R10m, to Fidentia Holdings for an inflated price of R160m in 2006.

The R230m was calculated according to provisions of the Prevention of Organised Crime Act and took into account the fact that Cunningham's benefits had increased in the past six years, the weekly reported.

Fidentia was placed under curatorship in 2007. Its bosses are accused of embezzling R1.33bn from a trust set up to support widows and orphans of deceased mineworkers.

 
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