Brown+leading+ladies,+Jackie+Cameron,+Moneyweb

Moneyweb, 14 February 2007
=Brown’s leading ladies=

//

Arthur Brown surrounded by intriguing line-up of women – not least of all Mrs BEE.//


 * Jackie Cameron**

Arthur Brown, executive chairman of Fidentia, initially went into business with a handful of male cronies - but he surrounded himself with an intriguing line-up of women.

Some of them have a lot to answer for in explaining the frittering away of not far off R2bn in savings, most of it belonging to widows and orphans of mine workers.

Others say they are innocents in what is looking like the biggest financial fiasco since the collapse of Masterbond in the early 1990s.

Most prominent of all is Dr Danisa Baloyi, a powerful figure in black economic empowerment circles. She has been slated in the Financial Services Board (FSB) report into Fidentia.

Alongside Brown she has evidently played a central role in the fiasco.

While Brown kept a low profile, he was very showy about aspects of the business, in particular sporting connections.

Recently the Fidentia Group provided "unique insights into the leading ladies" of the organisation for an advertorial-style feature in a Top Women in Business & Government publication. It said at least 30% of Fidentia shareholders were female, at least 32% of executives and senior management were female and more than 50% of the staff women.

We phoned all the women named as key players in the organisation to ask for their comment about the Fidentia debacle. Some were willing to talk, with one professing shock and embarrassment at getting caught up in the mess. Others were tetchy, while many did not return //Moneyweb//'s calls.

Brown's lawyer, meanwhile, sent a letter to //Moneyweb// last week in connection with one of these women.

John G Hunter, of John G Hunter Attorneys in Randburg, said: "We have been informed by our client that you have threatened to publish an inflammatory article regarding an alleged extra-marital affair by our client. Our client denies ever having participated in any extra-marital affair whatsoever."

These allegations, said Hunter, are "completely untrue". "Should you proceed with your intended actions we are instructed to institute legal proceedings against you and your employer and to look to you for payment of all the costs occasioned thereby," he added.


 * [[image:BaloyiDanisa.jpg align="left"]]Dr Danisa Baloyi**

Playing a key role in helping //Fidentia// with the business of the Living Hands fund is Baloyi. Her South African Women Investment Holdings is a black economic empowerment shareholder of Fidentia.

Baloyi has a CV that puts many economic empowerment partners in corporate South Africa in the shade. In the //Financial Mail's// The Little Black Book 2006/2007, Baloyi is described as an "entrepreneur".

It says Baloyi, declared 2003 Businesswoman of the Year, sits on the boards of Absa, Empowerdex, ERM, Metrofile and Setpoint Holdings. She is Chancellor of the University of Fort Hare and a member of the BEE Commission.

The booklet says Baloyi has a doctorate in education from Columbia University, is executive director of the National Black Business Caucus. She chairs the Advertising Standards Authority, the Diabo Share Trust for Telkom employees, The Don Group, the Road Accident Fund, Medikredit and Gauteng Enterprise Propeller. She is also deputy chair of SA Tourism.

Intriguingly, Baloyi makes no mention of her Fidentia connections in The Little Black Book, but cites her hobbies as golf and "adventure holidays".

The FSB report says Baloyi is a director of one of the shareholders of Fidentia Holdings, which owns and controls through another entity (Bramber) Living Hands - administrator of the Living Hands Trust.

Living Hands is a trustee of the Living Hands Trust - essentially the fund for widows and orphans - as is Baloyi and Motsei Komane (see below). Fidentia Holdings controls Fidentia Asset Management.

"This situation has ensured that the Fidentia Group controls its client, the trust and all the entities involved in the management of the funds. This is a material conflict of interest," says the FSB.

Here's one excerpt from the report that highlights Baloyi's role in Fidentia:

"Having two of the trustees of the trust, being (Hjalmar) Mulder and Dr Danisa Baloyi, as officials of the administration company and the holding company of the asset manager where funds of the trust of over R1bn are invested, places them in an untenable position relating to the performance of their fiduciary duties as trustees."

The status quo, says the FSB, "exposes the trustees to a situation of conflict of interest".

"In our opinion they will not be able to exercise their discretion in the manner which will be to the best interest and general welfare of the beneficiaries."

The FSB report asks the curator to investigate whether criminal charges should be brought against anyone in connection with the disappearance of what was, at last count, not far off R2bn.

An angry Baloyi returned calls to //Moneyweb//, demanding to know why three messages had been left for her. She said it "must be important" and questioned whether someone had "died".

She said she would not be making comments until after the curator had filed a report in the High Court in March.

The Fidentia material says that she works with orphans and destitute children. "She feels that her community work has enabled her to look at and think about people around her differently and that this has contributed to her personal growth."
 * [[image:KomaneMotsei.jpg align="left"]]Motsei Komane** has been a trustee of the Living Hands Trust since July along with Baloyi and Mulder, according to the FSB. She therefore could be sued, like the other trustees, in her personal capacity in connection with fiduciary responsibilities to the widows and orphans.

Komane is with an organisation called Motheo Sportainment, a sports' marketing and sponsorship procurement agency. She did not respond to a request by //Moneyweb// for comment.

Also included in the line-up of Fidentia's "leading ladies" was **Angelique Tostee**, former head of m Cubed Unit Trust Management Company, and subsequently renamed Fidentia Ayanda.

An attractive, sporty blonde, Tostee has been named within Fidentia circles as Brown's "blue-eyed girl". Tostee has referred to Brown as a mentor.

30-year-old Tostee, who left Fidentia in December, told //Moneyweb// that she was shocked to learn late last year of the details of how Fidentia had funded a corporate spending spree on the back of the Living Hands widows and orphans' fund.


 * [[image:DekkerSandi.jpg align="left"]]Sandi Dekker**, responsible for the Sante Winelands Hotel & Wellness Centre in the Western Cape, is also said to enjoy a good relationship with Brown. Dekker did not respond to a request for comment from //Moneyweb//. According to the company profile, Dekker - also attractive and fit - has "thus far given her all to Fidentia".

"Her enthusiasm and ability to turn losses into a profit have seen her climb the corporate ladder faster than any other employee in the group," enthused Fidentia.

Anonymous postings on the //Moneyweb// site point to the wellness centre possibly playing host to Arthur Brown who has been avoiding the media spotlight.


 * [[image:BurgerSandra.jpg align="left"]]Sandra Burger**, of Fidentia Software Futures, also didn't return a //Moneyweb// call. The Top Women article says: "The core principles and values of Fidentia are aligned with Burger's personal value system which makes it easy for her just to be who she is, without having to give up or change anything to be recognised at the Fidentia Group."


 * [[image:BesterKaren.jpg align="left"]]Karen Bester, Fidentia Group's legal and compliance** appointee is not, sources say, amply legally qualified. As her legal knowledge is limited, she is not believed to have understood all the nuances of developments behind-the-scenes. She did not respond to a request to speak to //Moneyweb//.

Another attractive blonde, Bester says in the Fidentia article that she "enjoys the opportunities to voice her opinions at Fidentia as well as the creative environment that encourages staff to maintain their individuality".


 * [[image:MaritzSimionne.jpg align="left"]]Simionne Maritz**, of Fidentia Group's human resources, took a call from //Moneyweb,// but said she did not feel comfortable commenting about the problems unfolding in the company.


 * [[image:MasoetYugha.jpg align="left"]]Yugha Masoet, of Fidentia Administration Services (Pty),** did not respond to a request for comment. Fidentia, in the Top Women article, said that she looked after the "processing and management of all financial transactions inside of the group companies as well as monthly management accounts and the submission of all statutory payments."


 * From: http://www.moneyweb.co.za/mw/view/mw/en/page1655?oid=70158&sn=Detail**

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