Masie takes ABC’s CEO chair as suspended execs fight fines
Three Africa Bitcoin Corporation executives face a combined R10 million in fines and a 20-year ban – yet say they are taking the fight to the Financial Services Tribunal.
Three senior executives at Africa Bitcoin Corporation (ABC), who were suspended, are now fighting a Financial Sector Conduct Authority (FSCA) enforcement order. Stafford Masie, a well-known tech personality and ABC executive director, has taken on the role of interim CEO, replacing the suspended Warren Wheatley. The FSCA has imposed sanctions against Wheatley, former CIO Akshay Karan and Wheatley's wife, Tatum Keshwar-Wheatley, accusing them of share manipulation that inflated the company's Altvest Capital's price.
The sanctions were issued after the alleged manipulation in September 2022, just four months after Altvest's initial listing on the Cape Town Stock Exchange. Wheatley and Karan have been placed on precautionary leave and suspended from all group management responsibilities, while Keshwar-Wheatley's consulting services have been suspended.
All three can no longer represent ABC, its subsidiaries or the broader group. The FSCA sanctions have immediate implications for ABC, leading to precautionary measures and the appointment of Masie as interim CEO.
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