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Category:
Insurance
News /
Life
Insurance /
Fiancial
Services Board / Feb. 2007
Fidentia placed under curatorship
Following an
application by the Executive Officer of the Financial Services Board
The
Cape High Court today granted a provisional order whereby the
financial services business of Fidentia Asset Management (Pty) Ltd,
Bramber Alternative (Pty) Ltd and Fidentia Holdings (Pty) Ltd was
placed under curatorship in terms of section 5 of the Financial
Institutions (Protection of Funds) Act, 2001.
An attorney, Dines Gihwala and a forensic accountant, George
Papadakis, were appointed joint curators to the business of the said
companies.
The return date of the provisional order is 27 March 2007 when
interested parties may be heard and a report by the curators will be
considered.
The order was granted following an application by the Executive
Officer of the Financial Services Board (FSB). The application was
preceded by an in depth inspection into the affairs of Fidentia
Asset Management and its associated institutions at the instruction
of the Registrar of Financial Services Providers.
In terms of the provisional order the curators will take immediate
control of, manage and investigate the business and operations of
the companies with a view to conserving the business and not to
alienate or dispose of any of the property of the companies. In
exercising their powers the curators have been directed to give
consideration to the best interests of investors in the companies.
The public is asked not to address enquiries to the curators as
their time will be fully occupied by this assignment. Progress with
the curatorship will from time to time be made available through the
media.
Source: ITInews – Insurance
Times and Investments Online
www.itinews.co.za
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