Fidentia's curators say they have uncovered evidence of a "multiplicity of wrongdoings" in the asset management group.
They also say investors are likely to face a shortfall of about R1billion once Fidentia's affairs have been sorted out.
The revelations are contained in a report filed in the Cape high court as part of an application for a final curatorship order. The order, which was not opposed, was granted by Judge Burton Fourie yesterday morning.
Joint curators Dines Gihwala and George Papadakis took control of the business when it was placed under provisional curatorship on February 1 after an investigation by the Financial Services Board reported the misappropriation of hundreds of millions of rands.
"The curators have established a multiplicity of wrongdoings, both criminal and civil, on the part of directors and shareholders, and by other closely associated individuals," the curators said.
They accused Fidentia boss J Arthur Brown and company accountant Graham Maddock of theft, alleging that Brown stashed millions of rands of investors' assets in his bank account.