# The South African Reserve Bank is investigating Kastelo, a fintech founded and chaired by DA federal finance chairperson Mark Burke, over alleged exchange-control violations involving about four-billion-rand in transfers offshore. An affidavit alleges Kastelo may have used clients’ foreign-exchange allowances for its own benefit and misrepresented its activities to authorities. The company has defended its business model, saying it enables clients to benefit from differences in cryptocurrency prices between domestic and international markets.
Reserve Bank probes over R4-billion transfers for DA’s Federal finance chairperson