Old Mutual to contest R1.7bn Fidentia damages judgment
Gauteng judge orders Old Mutual Unit Trust Managers to pay for losses suffered by beneficiaries of the Living Hands Umbrella Trust
13 July 2022 - 13:15
UPDATED 14 July 2022 - 12:09
Old Mutual plans to appeal against a high court order that one of its units — Old Mutual Unit Trust Managers (OMUT) — must pay more than R1.7bn in damages plus costs for losses suffered by the Living Hands Umbrella Trust in relation to the Fidentia scandal.
Gauteng judge Thina Siwendu’s ruling on Tuesday compels OMUT to pay R854,650,643 in capital plus another R854,650,643 in interest. OMUT was also ordered to pay all costs of the legal action including the cost of three counsel and those incurred in having witnesses testify...
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