Publications
Partners
Johannesburg - Cosatu in the Western Cape has welcomed the 15-year jail sentence imposed on former Fidentia boss J Arthur Brown by the Supreme Court of Appeal.
"This must serve as a clear indication to fund managers that they are going to be put in jail for corruption and for stealing from the poor," Congress of SA Trade Unions (Cosatu) provincial secretary Tony Ehrenreich said in a statement on Monday.
"This sentence must hopefully also serve as a deterrent to the growing levels of white collar crime."
Brown was sentenced on Monday to in effect 15 years in jail after the SCA set aside his previous sentence for fraud.
He received 15 years' imprisonment on each of two fraud charges. The sentences will run concurrently.
The National Prosecuting Authority had appealed against the R150 000 fine and suspended jail term handed down by the Western Cape High Court last May.
Still too low
Brown was convicted of two fraud charges relating to his handling of investments for the Transport Education and Training Authority and the Mantadia Asset Trust Company between 2002 and 2006.
He paid a R75 000 fine on each fraud charge.
He originally faced 192 charges.
The appeal was heard last month.
Ehrenreich commended the government for appealing the case.
"This 15-year jail sentence is still too low for the hardships that he caused and we must investigate who else was involved in the criminal acts, so that they can also be brought to book," he said.
Miscarriage of justice
Earlier the Financial Services Board (FSB) said in Johannesburg that it was very happy with the decision by the Supreme Court of Appeal to overturn what it regarded as the overly lenient sentence handed down by the Western Cape High Court to Brown.
FSB CEO Dube Tshidi said on Monday that Brown’s previous sentence of a R150 000 fine or 36 months in prison, was a complete miscarriage of justice.
“The previous sentence simply did not acknowledge the severity of Brown’s crime and the significant impact his actions had on thousands of poor South Africans. We are extremely pleased that the court has recognised this and instead decided to impose a custodial sentence of 15 years for each of the two counts for which he was charged," said Tshidi.
"This is a great day for South Africa’s justice system and for our citizens. It shows that no matter who you are, if you break the law, you will be prosecuted – and sentenced appropriately.”
