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Fidentia assets auctioned off
19/05/2007 14:16 - (SA)
Cape Town - About 300 people are vying for the vehicles and printing and office equipment on offer in the first auction of assets of financial services company Fidentia Holdings in Cape Town on Saturday.
"There is no place for anybody to sit," said an Auction Alliance employee, speaking on condition of anonymity.
The most excitement was caused by the sale of two Nissan vehicles, snapped up at R280 000 and R200 000, shortly after the auction began at Century City at 10:00.
The auction list includes a "large assortment of motor vehicles", printing equipment and office equipment.
Gym equipment on auction included a horizontal leg press, an adjustable sit-up bench, a decline bench press, standing calf press and Roman chair.
Fidentia, which managed assets valued at about R1.6bn, was placed under curatorship earlier this year.
The Living Hands Umbrella Trust, which offered cover to family members of mineworkers injured at work, and the transport sector Seta, were some of Fidentia's biggest clients.
Assets valued at R700m are allegedly missing.
Fidentia chief executive J Arthur Brown and financial director Graham Maddock are facing charges of fraud; theft; contravention of the Companies Act, the Financial Advisory and Intermediary Services Act, the Reserve Bank Act and exchange-control regulations, as well as contravening income tax laws.
They are out on bail of R1m each.
Businesswoman Danisa Baloyi recently repaid an interest-free loan of just under R8m she had received from the company.
Fidentia curator George Papadakis said the Baloyi repayment was the only chance of meeting the trust's obligation to 47 000 widows and orphans in May.
Baloyi relinquished all her posts with companies and non-government organisations in March. This followed her removal from the board of the Absa Group and Absa Bank.
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