3 July 2012

South Africa: Assets Worth R230-Million Seized From Cunningham

According to reports on IOL News, Fin24 and Business Live, the state has seized assets worth about R230-million from Fidentia's Noel Cunningham who has been charged with defrauding the company of about R150-million. Provincial public prosecutions spokesman Klaas van Zyl says this is one of the highest-value asset forfeitures undertaken countrywide. Houses, vehicles and cash were seized.

Cunningham is accused of selling his company, Webworths (with an estimated value of R10-million) to Fidentia for R160-million. Fidentia itself is under curatorship with its owners accused of embezzling R1,33-billion from the trust - set up to support widows and orphans of deceased mineworkers, IOL News, Fin24 and Business Live report.

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