DA MP Mark Burke under fire as Kastelo faces R4bn Reserve Bank probe
DA MP Mark Burke faces calls for removal from Parliament’s finance committees following allegations that fintech company Kastelo was involved in exchange-control contraventions involving about R4 billion.
Democratic Alliance (DA) MP Mark Burke is under intense scrutiny as the Johannesburg High Court dismissed Kastelo's motion to challenge a Reserve Bank freezing order tied to suspected exchange-control breaches involving roughly R4 billion. Burke, who founded and serves as chair of fintech company Kastelo, is accused of breaching exchange controls.
The ANC Parliamentary Caucus and the Economic Freedom Fighters (EFF) have called for Burke to be removed from Parliament's finance-related committees pending the outcome of the investigation. The allegations against Kastelo include using third parties' foreign investments and discretionary allowances to externalise funds, transactions conducted without clients' knowledge, and misrepresentation of Kastelo's activities in compliance declarations submitted to the Reserve Bank.
The ANC and EFF maintain that Burke's continued involvement in Parliament's finance-related oversight structures is untenable given the allegations against Kastelo.
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