Secondary

Resignation of Fidentia Curator

A press release by the FSB, following a media briefing on Thursday, discusses the events surrounding the unexpected resignation of Mr Dines Chandra Manilal Gihwala as a curator of the financial services business of Fidentia Asset Management (Pty) Ltd, Bramber Alternative (Pty) Ltd and Fidentia Holdings (Pty) Ltd (Fidentia).

On the same day that Gihwala tendered his resignation as a Curator of Fidentia, the FSB became aware of a decision handed down by the High Court which contained adverse findings against him.

The FSB needs to approach the Court regarding the appointment of a new curator. The regulator will recommend a new curator, but the court has to put the legal stamp of approval on the appointment.

In the interests of transparency, the FSB plans to apply for a provisional appointment and then publish this with an invitation to interested parties to comment or object to that appointment before the final appointment.

Concerning the remaining curator, the regulator commented as follows:

Mr George Papadakis is still a curator of Fidentia. The FSB is aware of the recent media statements linking Mr Papadakis to the allegations against Mr Seedat*. By virtue of the fact that curators are appointed by the court, the court will have to consider how to respond should the allegations prove to have substance. The FSB, however, in exercising its duties will continue to oversee the curators and will closely monitor developments so that we can respond appropriately.

*Dawood Seedat, former chief financial officer of the FSB, who resigned following “corruption allegations levelled against him in his personal capacity”.

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