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Monday Nov 21, 2016

Last of Fidentia's properties go under hammer

Nine years after the heart-breaking Fidentia scandal rocked South Africa, the last of the Fidentia assets will finally go under the gavel on December 1.

The Sante Hotel and Spa near Paarl.

Claremart Auction Group has been appointed to facilitate the sale of Santé Hotel and Spa, near Paarl.

Claremart chief executive, Jonathan Smiedt says this is an excellent investment opportunity, and the auction is set to draw some discerning property connoisseurs.

"Although the Fidentia case, said to have involved investor losses close to R1 billion, is not the first, only or biggest incident of corporate fraud in South Africa, it certainly was one of the most widely publicised. Whether or not people were directly affected, almost everyone received a wake-up call about the pitfalls that may exist when dealing with people who were thought to be reputable and registered asset managers. The life- destroying losses that many unsuspecting and intelligent investors incurred struck a chord with thousands of people."

Smiedt says that while the damage already done is huge, Claremart is committed to facilitating this sale in the best interest of the aggrieved parties.

"Nothing can entirely make up for the financial distress so many people found themselves in, but we will aim to get the best possible price for this property, to contribute some form of retribution for the Fidentia victims," he says.

The Santé Hotel complex includes a reception area, two lounges, a cocktail bar, a billiard room and entertainment facility which flows on to a patio with a swimming pool. There is also a fine dining restaurant and 10 luxury fitted suites. The spa complex houses treatment suites, a Jacuzzi, a heated indoor pool, a restaurant and a cocktail bar. Other features include a multifunctional conference centre with bespoke space for corporate events to accommodate intimate and larger groups.

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