Political storm: ANC and EFF push for inquiry into DA MP's Kastelo amid financial misconduct claims
As the allegations of corruption against DA MP, Dr Mark Burke, the ANC and the EFF reacted in Parliament regarding the South African Reserve Bank's (SARB) investigation into DA Finance Chair and founder of fintech firm Kastelo.
Parliamentary parties the ANC and EFF have demanded an inquiry into the activities of Dr Mark Burke, the DA's Federal Finance Chair and founder of fintech firm Kastelo, amid allegations of financial misconduct. The investigation, initiated by South Africa's central bank, focuses on potential offshore transfers totalling R4 billion.
According to a whistleblower's affidavit submitted to the bank, Kastelo allegedly misused clients' allowances to facilitate these transfers for the company's advantage. Burke's own personal donations to the DA, exceeding R400,000, while his company faces this investigation, have added further scrutiny. The Johannesburg High Court dismissed Kastelo's application to set aside an order freezing its bank account on July 28, finding the SARB had a valid suspicion.
The controversy follows Burke's recent press briefing outlining the party's plans for the Public Investment Corporation. The ANC has threatened to petition Parliament's Joint Ethics Committee to investigate Burke, accusing him of exchange control regulations breaches. ANC representative Cameron Dugmore called for the DA to remove Burke from his role on Parliament's Standing Committee on Finance immediately.
The EFF has also criticized the allegations, stating they constitute financial crime, including the unauthorised use of others' money, concealment of offshore accounts, and deception of the central bank. The DA has not yet commented on these allegations.
Written by urgent.news from IOL's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
