A new curator's report details how financial management company Fidentia spent millions of rands in investors' money, the Cape Times reported.

The report said payments included R8.2m for a stake in and sponsorship for Boland Rugby, R1.9m for the purchase and conversion of two racing cars and R24.5m for a building from which from former Fidentia boss J Arthur Brown's wife ran a lifestyle centre.

This report was prepared by curator George Papadakis and filed at the Western Cape High Court, the newspaper reported.

Papadakis reportedly found a "shortfall of R744 million" in capital invested by several major entities.

Brown told the newspaper he had always denied illegally taking one rand of investors' money and that the findings of the high court came to the same conclusion.

He was convicted of two counts of fraud and acquitted of seven other charges in April.

A month later, he was fined R150,000 and given a further three years' imprisonment suspended for four years.

He paid the fine.

The State has approached the Supreme Court of Appeal to ask for Brown's "startlingly and inappropriately lenient" sentence to be reconsidered.