The R1.5 billion fraud case against J Arthur W Brown has been set down for trial nine times in the past two years.
|||Cape Town - The R1.5 billion fraud case against former Fidentia boss J Arthur W Brown has been set down for trial nine times in the past two years - but delayed each time.
Brown, who was arrested in connection with investment fraud just over five years ago, is yet to hear the State’s case against him.
He has appeared in the High Court about 18 times in the past two years. These appearances included pre-trial conferences, preliminary postponements and trial dates.
Brown was arrested on March 6, 2007 in connection with the allegations that he defrauded widows and orphans of millions of rand while he was the chief executive of Fidentia.
He appeared in the Cape Town Magistrate’s Court and was released on R1 million bail. Brown was charged in three separated cases until they were consolidated.
He now faces nine counts including fraud, corruption, theft and money laundering. The high court indictment alleges that Brown defrauded people of about R1.5bn.
* R8m from Fundi Projects.
* R200m from the Transport, Education and Training Authority (Teta).
* R1.2bn from Mercantile Asset Trust Company (Matco) - the asset trust account that looked after miners’ pension funds.
* R12.6m of Fidentia investors’ money was used to buy a farm, Thaba Manzi, in the Humansdorp area.
* R5m from Infinity.
* R40m from the Antheru Trust.
Meanwhile, Brown is expected to defend himself when he argues two applications on Monday. The applications involved the full disclosure of the State’s case docket and the other is about problems Brown has with the indictment.
Brown is expected to appear in the Cape Town Regional Court on Thursday in connection with another matter.
It is alleged that he stole R800 000 from Fidentia and laundered it through an associate and investment broker, Jacobus Theart, for the benefit of his wife who has fled to Australia.
The trial had been set down for January next year.
jade.otto@inl.co.za
Cape Argus