The Financial Services Board will appear before Parliament soon to discuss the recent court case of Fidentia boss J Arthur Brown.
|||Cape Town - The Financial Services Board (FSB) will appear before Parliament soon to discuss the recent court case of Fidentia boss J Arthur Brown, the DA said on Sunday.
“The FSB is scheduled to appear before the Standing Committee on Finance on June 11”, said Democratic Alliance MP Tim Harris.
Earlier this year, the Cape High Court convicted Brown on two counts of fraud relating to misrepresentations he made regarding investments entrusted to him. He had originally faced 192 charges.
Brown was fined R150 000 and received a suspended prison sentence.
The FSB criticised the punishment, and said it did not acknowledge the extent of the damage he had caused.
“It is the FSB’s view that... (Brown's) sentence neither acts as a deterrent, nor does it send the right message to other white collar criminals,” said FSB spokesperson Tembisa Marele. - Sapa