Today's Labour News

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newsBDLive reports that the whereabouts of cash that the Financial Services Board (FSB) had flagged as having been transferred to offshore bank accounts during the fraud perpetrated by the Fidentia group of companies is close to being identified.  

Thanks to the so-called Panama Papers released globally at the weekend, the case could now be brought to finality.  Curators appointed to recover about R1.12bn for Fidentia’s victims — including a fund that administered death benefits for the affected widows and orphans of mine workers — have battled to get those implicated to pay up.  In 2013, while testifying in aggravation of Fidentia mastermind J Arthur Brown’s sentence in the High Court, former FSB chief financial officer Dawood Seedat said its inspection into Fidentia’s affairs had found various transfers were made to offshore bank accounts, held in the name of entities related to the group and to Brown.  FSB spokeswoman Tembisa Marele indicated on Monday that the Panama leaks might prompt further investigation or action from the regulator.

  • Read this report by Moyagabo Maake and Karl Gernetzky in full at BDLive
  • Read too, Fidentia link to 'Panama Papers' leak irks NUM, at SABC News

Get other news reports at the SA Labour News home page