THE TRANSPORT Education and Training Authority has welcomed last week’s arrest of Fidentia boss James Arthur Brown and group accountant Graham Maddock and are confident that due legal process will result in the recovery of the R250 million invested with Fidentia Asset Management. In a statement issued this week, Teta assures stakeholders that it is working closely with all concerned to recover funds invested with Fidentia which is now under curatorship. “We have taken steps to address the current situation as well as future risk,” says the Teta board. Since the story first unfolded early in February this year, Teta has met with the curator, appeared twice before the Standing Committee on Public Accounts (Scopa), and will engage with them again in the very near future. Teta is also cooperating with the Scorpions on this matter. Cliffe Dekker Inc. has been appointed to serve as Teta’s legal counsel and to act in its interests in recovering the investment. The board sub-committee will monitor and report on the progress of the recovery of the investment. In consultation with the legal team it will finalise the way forward after March 16 when the curator is expected to present its report to the High Court in Cape Town.
