Old Mutual Unit Trust Managers (Omut) has been granted leave to appeal against most of the grounds in the judgment that found it liable for losses incurred by the Living Hands Umbrella Trust because of the fraud committed by Fidentia in 2007.
In July 2022, the South Gauteng High Court ordered Omut to pay more than R1.7 billion in damages, plus costs, for losses suffered by the Living Hands Umbrella Trust.
Read: Old Mutual to appeal R1.7bn judgment in favour of Living Hands
Citywire reports that the decision by Judge Thina Siwendu, who also handed down the July judgment, allows the unit trust administrator to appeal to the Supreme Court of Appeal (SCA) in Bloemfontein regarding most of the judgment.
In a statement following the July judgment, Old Mutual said it was concerned about the precedent the judgment sets “for the rest of the financial services industry as it relates to managing funds on behalf of trustees”.
In this regard, Cliffe Dekker Hofmeyr commented as follows on the implications of the judgment: “Investment managers should conduct thorough due diligence and precautionary checks before releasing funds to principals, even after receipt of a valid formal instruction to do so, and to report any concerns or irregularities to the relevant regulatory authorities. Failure to do so may risk the investment manager being held liable for misconduct or frauds committed after they have handed over the administration of the funds.”
Citywire’s report on the decision to grant Omut leave to appeal continues:
However, Siwendu declined Omut’s application that it be allowed to apply to have the Living Hands claim apportioned 100% to third parties.
Advocate Azhar Bham, for Omut, on 8 December, for the first time, argued that the court should have apportioned Living Hands claim 100% to other third parties, the judge wrote.
“I am unable to agree to this in the absence of evidence, particularly the proportionate liability of the third parties involved, nor do I agree that another court would decide the matter blindfolded and come to a different conclusion. Accordingly, the leave to appeal on this ground is declined,” Siwendu said.
The judge wrote that this case contained novel issues that required a clear location of Omut’s statutory duty of care versus its contractual obligation. Therefore, the SCA needed to determine whether these two issues were mutually exclusive.
“A clear demarcation of that line impacts an investment manager’s legal duties and responsibilities and the industry at large,” she added.
“Similarly, the appropriate test to determine legal causation in delict poses a significant legal question for the investment industry, in my view. There is a potential for further development of the law in this area,” Siwendu said.
When we gonna get our money uts very painful
People were promised payouts on 4 Feb 2023, and still nothing. This is blatant theft and people suffers. I stepped in today as independent mediator and are of the opinion that Old Mutual should be forced through courts to pay!!
When we gonna get our 💰 money
This is not fair when we gonna get it ur money😭
I did call living hand’s Friday,they say they are waiting to go to court again , mind u they don’t even update us , everytime im calling they say they are waiting for the court case no this is not on , this is our money
They are playing with people. I you don’t call they will never do that, I mean if they are serious in giving us our money they would’ve update us on everything on the case
Its been almost 16yrs now still nothing, they dont even give us green lights nothing. All they saying they are waiting on a court case. No something is not write, even government nothing,but our parents worked very hard for us but our government is quite
This issue has been dragging for so long now and nothing tangible has come out of it. We are waiting for what is due to us, what our fathers died and left for us, this is very frustrating indeed
This is painful. I am sickened by the fact tht we living a poor life with no hope knowing that our money is stuck somewhere with some rich souls. Its sad. For us, its been 22 years since my father passed away. Still nothing we get.
Last year they sent us between 300 to 400 . How can you do such? Us swazi nationals got 100 bcz 150 is for international bank charge. 50 for atm. Total pain.
300 istead of over R30k per sibling. Something we see in the documents our father left us with
Am still waiting for my money
We want our money
I was told to call dis year let’s hope that they will take my call all they said Is court is still on no man
We want our money it’s been a long time now this thing of living hands telling us their waiting for court date is not I think it’s time to involve pravite investigator
Where is the money actually
Where is the money actually
Only if there was a straight answer regarding our money it would have been better, it’s been 18 years now since our father passed on and here we are having hope that we will get what our father’s were working hard for! The only response we get from Living Hands is that they are still waiting for the court ruling because Old Mutual has appealed. Until when should we wait?
We have been waiting for almost 23 years for our money.my mother passed away still waiting. Their children goes to private school because of our money that they stole and we have to suffer. Evil people eat food for the orphans. God bless.
When old omutual pay our money we are suffered because of old mutual stilling our parents money please old mutual pay us our money it’s all most 17 yrs now I was drop of at school because I was no money to finish my matric old mutual is a cost of my suffering Shame to you old mutual
When are they going to court again this year?
I don’t know.
14 March 2024
This is not it , we can’t suffer like this while we got money yoh
Long time my father passed away 2021 nothing happen we are suffering but my daddy working hard for us living hand an old mutual God will punish u guys ur children eat bread an cheese but us we are suffering 6
I think we should go on tv and tell the world what is going on because we’re are the one who are suffering and no one is helping us I think we should take this old mutual to Facebook and tiktok so that people can know that that they don’t have to trust old mutual on Sunday I’m going to put it on tiktok my tiktok name is alliswell
Living hands we still waiting for our money yooo
January they said I must ka June now when I call they say I must call ka December this people they are still playing with our future plans they don’t care December they are going to say when jooo
I think we beneficiaries must write our concerns to the government or write to Malema maybe he can help, this is too much
I understand the frustration everyone I going through. But the truth is, progress has been made so far, I have been following this case since 2020. Let us remain hopeful. The last straw now, is Supreme Court of Appeal, the highest court in South Africa.
As soon as they give their judgment and set aside the old mutual appeal, then Old mutual will have no other Court to run to, but to pay every cent to Living hands, then to beneficiaries.
But the problem is we don’t even know when is the court date we are waiting and waiting it was going to be better if we did know the date so that we can even go there
I want our parents money with interest it’s been 22 years since my father was pass away may soul Rest in peace pay back the money old mutual please
This it’s a painful to us beneficiaries cause we do make calls to Fidentia Umbrella Trust but u’ll be told to wait for 6 months due of the trust still waiting for court date.
Now it’s 22 years ever since my father pass away but I did get nothing that he work hard for me & my brother.
I hope this can be finalized cause we are poor but knowing that we have money that’s hold by rich people who don’t even care about us.
Old Mutual please pay the money it’s enough now .
It’s tiring and painful at the same time, it’s not right to suffer while our parents left us money to survive on yet some people were greedy and took our money. Haibo Guys we shouldn’t be suffering while our parents worked hard for us to have a bright future.
#WeWantOurMoney.
It’s tiring and painful at the same time, it’s not right to suffer while our parents left us money to survive on yet some people were greedy and took our money. Haibo Guys we shouldn’t be suffering while our parents worked hard for us to have a bright future.
#WeWantOurMoney.
We want our since 2005 until now old mutual do the right thing..we want our money 💰 🤑 💸….please stop making unnecessary appeal…the money was stolen under your watch