# Minister of Finance Enoch Godongwana says the South African Reserve Bank is investigating fintech company Kastelo. The company, co-founded by former DA Finance chairperson Mark Burke, allegedly misrepresented aspects of its business model. It also used clients’ single discretionary allowances and foreign investment allowances to move funds offshore for its own business purposes, including acquiring crypto assets. Foreign exchange transactions amount to approximately four-billion-rand. Godongwana says the bank has identified cases where certain clients were allegedly unaware that foreign bank accounts had been opened in their names.
Minister Godongwana confirms former DA member Burke’s company Kastelo is under investigation