A far-reaching court ruling has found that Old Mutual Unit Trusts could have stopped Fidentia’s looting of R1.2 billion intended for widows and orphans – if it had raised alarm about the company’s questionable conduct. | karynmaughan Fin24
A far-reaching court ruling has found that Old Mutual Unit Trusts could have stopped Fidentia’s looting of R1.2 billion intended for widows and orphans – if it had raised alarm about the company’s questionable conduct.
"There is a real probability that Fidentia’s conduct would have been detected early but for OMUT’s failure to report it," Judge Thina Siwendu of the South Gauteng High Court in Johannesburg stated last week, in a ruling in which she also found OMUT liable to the Living Hands Trust – to the tune of R1.7 billion.
Within hours of that decision being delivered, OMUT had announced that it would seek to appeal it, in part because it was"concerned about the precedent which the high court sets for the rest of the financial services industry as it relates to managing funds on behalf of trustees".
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