ANC, MK Party open criminal cases against DA's Mark Burke

Two criminal cases have been initiated against DA federal finance chair Mark Burke over a suspected R4 billion illegal transfer of funds out of the country by his company, Kastelo. Kastelo, a fintech company founded by Burke and run using an algorithmic crypto arbitrage trading model, is accused of moving client foreign investments and single discretionary allowances offshore without their knowledge or consent.

The SA Reserve Bank claims Kastelo processed transactions without the clients' involvement and misrepresented its activities in compliance declarations.

MK Party MP Andile Mngxitama submitted a 49-paragraph sworn statement at Cape Town Central police station, requesting the police, Hawks, and National Prosecuting Authority to investigate Burke's role in the company during the alleged transactions. Mngxitama accused the DA of protecting Burke and expressed frustration over how white people have managed to evade corruption in the past.

ANC chief whip Mdumiseni Ntuli filed a second set of charges against Burke and Kastelo, calling for Burke's resignation from Parliament if the allegations are proven. The Reserve Bank has 36 months to complete its investigation, after which the alleged R4 billion can be forfeited to the state if proven. Both DA and ANC officials reacted to the allegations differently, with the DA removing Burke from relevant committees and the ANC viewing the move as a PR stunt rather than a genuine call for accountability.