Alleged Investigation of the FSB

In a media release issued on 30 October 2014, the Financial Services Board (FSB) shared its views on a media statement circulated by Kadesh Consulting, which alleges that there is an investigation underway into, amongst others, representatives from the National Prosecuting Authority, the FSB and the curator of Fidentia.

The FSB notes that, according to Australian company records, Kadesh Consulting is a company directly linked to Rudi Bam, a former director of Fidentia.

The FSB would like to clarify that it has not been made formally aware of any investigation of this nature regarding this matter and completely dismisses such allegations as fictitious.

The FSB continues to support the conviction of J Arthur Brown, former CEO of Fidentia, on two counts of fraud by the Western Cape High Court last year.

In addition, the FSB would like to point out the timing of the statement issued by Kadesh Consulting – immediately prior to the Supreme Court of Appeal hearing on the 5 November into the sentence imposed on Brown.

An article in Weekend Argus also referred to the state’s appeal against Browne’s sentence of R150 000 or three years’ imprisonment by the Western Cape High Court after being found guilty on two fraud counts. He paid the fine. The SCA granted the state leave to appeal and the hearing is set for Wednesday.

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