Kastelo claims Reserve Bank jumped the gun in freezing its crypto arbitrage business
High court rejects its application to set aside a blocking order arising from claims of exchange control violations – but this doesn’t mean the case is over.
The Democratic Alliance (DA) leader Mark Burke has stepped down from his roles on Parliament's key financial oversight committees amid concerns over alleged conflict of interest in a R4 billion forex investigation. The South African Reserve Bank (Sarb) is currently probing Kastelo, a fintech company founded by Burke and his brother Nicholas, for potential violation of foreign exchange control regulations.
Burke's decision to recuse himself from the committees came after the DA caucus moved to address the damaging revelations. Deputy Finance Minister Ashor Sarupen, who is also DA Federal Council chairperson, initially supported Burke's continued roles.
Mark Burke claims he has distanced himself from Kastelo and no longer serves in its daily operations. He asserts that he was chairperson of the broader Kastelo group but relinquished this position in February 2026. Burke stated that the High Court's judgment did not find any wrongdoing against Kastelo or himself, nor did it establish proof of exchange control contraventions. He emphasized his commitment to ethical and lawful conduct, expressing confidence that the investigation would find no wrongdoing on his part.
Written by urgent.news from Daily Maverick's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
