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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.
For more:
- IOL News: R230m assets seized in Fidentia saga
- Fin24: State seizes Fidentia assets
- Business Live: State seizes R230m worth of Fidentia assets
