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Johannesburg - The Financial Services Board (FSB) is 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 J Arthur Brown, former CEO of Fidentia.
FSB CEO Dube Tshidi said on Monday 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.”
Brown was convicted last year after he pleaded guilty to two counts of fraud which, inter alia, allowed him access to funds intended for the beneficiaries of Mantadia (Matco) which was renamed the Living Hands Umbrella Trust by Fidentia.
“This judgement attests to the quality of the investigations conducted by the FSB. On the strength of what was uncovered by our team, Brown not only admitted to the crimes he committed but also acknowledged that these were ‘not mickey mouse charges’," said Tshidi.
"The initial decision to fine him was truly ill-conceived. We are very pleased that our justice system has now acknowledged the seriousness of this case and acted to sentence Brown appropriately.”
