The ANC Parliamentary Caucus is calling for the immediate removal of DA MP and Federal Finance Chair Mark Burke from Parliament’s finance-related committees. It follows serious allegations contained in a South African Reserve Bank affidavit involving Kastelo, the fintech company founded by
Burke. The Reserve Bank says its investigators have identified a reasonable suspicion of exchange-control contraventions involving around four-billion rand. The allegations include the alleged use of third parties’ foreign investment allowances to move funds out of the country, transactions allegedly
conducted without clients’ knowledge, and concerns about information submitted to the Reserve Bank. Burke and Kastelo are entitled to defend themselves, and the investigation is still ongoing. But the ANC says it is untenable for an MP facing allegations of this nature to remain involved in parliamentary oversight of the very financial institutions investigating the matter.