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Fidentia shock: Boland still in the dark

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The Boland Rugby Union (BRU) remain in the dark, following revelations that their chief financial backer, Fidentia, was placed under provisional curatorship by the Financial Services Board.


The sporting fraternity was stunned at the weekend when the Financial Services Board went to the Cape High Court to place three Fidentia companies under provisional curatorship.


According to court documents, R680-million of more than R2-billion under control of the various companies cannot be accounted for.


Media reports said much of the money is owed to the widows and orphans of deceased members of the Mineworkers Provident Fund and a forensic investigator said this was just the tip of the iceberg.


But for sporting bodies, like Boland, who were sponsored by the Fidentia group, this is a time of uncertainty.


Other sporting teams and codes backed by Fidentia include the Durban-based soccer club Manning Rangers, the Eastern Cape Warriors cricket franchise and the Wellington Sports Academy.


Piet Bergh, CEO of Boland Rugby (Pty) Ltd, said it seems the media know more about the developments than his own union.


Fidentia sponsored Boland to the tune of around R15-million.


“We have arranged for an appointment with the curator,” Bergh told this website.


“Until such time that we have spoken to him, we can’t say much – we are very much in the dark about these developments. I have spoken to employees of Fidentia and they are also in the dark.”


Bergh added that the four directors of Fidentia, which served on the board of Boland Rugby (Pty) Ltd, have been suspended and replaced by the curator.


However, from a rugby point of view the union will continue as normal.


“The rugby matters continue, the uncertainty surrounds the financial aspects,” he said.


By Jan de Koning 365 Digital

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