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February 01, 2008, 15:45
Former Fidentia Financial Director Graham Maddock will serve an effective seven years behind bars after a plea bargain agreement.
Maddock has entered into a plea bargain agreement with the State in the Special Crimes Commercial Court in Bellville.
He was sentenced to 15 years, eight of which were suspended.
Maddock faced 104 charges, including money laundering and theft of R200 million from the Transport Sector Training and Education Authority.
Maddock has agreed to repay R6 million to the curators of Fidentia. He will also give evidence against former Fidentia boss J. Arthur Brown.
Maddock faced charges of misappropriating about R9.5 million invested in Fidentia. He was also charged with theft of over R5 million from the Infinity Scheme -- a cash back car scheme. He was initially charged with Fidentia boss J. Arthur Brown.
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| RELATED STORIES | | Fidentia judge will not recuse himself (January 21, 2008, 13:00) | | Bail conditions reduced for Fidentia boss (January 21, 2008, 10:45) | | Ex-Fidentia boss appeals sequestration order (January 15, 2008, 11:45) | | Fidentia bosses back in the dock (December 07, 2007, 11:15) | | Court rules in favour of Fidentia curators (December 04, 2007, 11:45) | | Court to rule on assets of former Fidentia boss (December 04, 2007, 10:15) | | Property belonging to Fidentia accountant sold (October 30, 2007, 14:30) |
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