Calls for answers on Fidentia funds

2013-06-04 22:37

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Johannesburg - The parliamentary committee on higher education and training wants answers from the Transport Education Training Authority (Teta) on how public funds invested through Fidentia will be recovered.

"The committee... is seeking clarity on how more than R200m... invested through Fidentia, the now liquidated investment scheme, will be recovered," the committee said in a statement on Tuesday.

Teta was expected to brief the committee on Wednesday about strategies to recoup more than R150m of the investment.

Committee chairperson Ishmael Malale said he was looking forward to meeting Teta's executive and board to hear its plans to recover the funds.

"We are not going to ask what informed their decision to invest in this risky investment scheme, because that won't undo the damage that has already been caused," he said.

Malale said the funds could have contributed immensely to skills development in the country, given the current shortage of skills and training.

Teta was also expected to present its strategic and annual performance plan for the 2013/14 financial year.

R400m missing

Last month, a Financial Services Board (FSB) official told the Western Cape High Court that over R400m in funds was unaccounted for in Fidentia's books in 2006.

During former Fidentia boss J Arthur Brown's trial, Dawood Seedat, FSB's chief financial officer said it had launched an investigation into Fidentia after receiving complaints of mismanagement of clients' funds from a former Fidentia employee.

The investigation spanned from June 2006 to the end of January 2007, and included an interview with Brown.

Brown was later fined R150 000 on two fraud convictions.

Read more on:    fsb  |  fidentia  |  j arthur brown  |  cape town  |  corruption

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