DA finance chief Mark Burke removed from Parliament committees amid Kastelo investigation

This decision follows an investigation by the South African Reserve Bank SARB into Burke's company, Kastelo, for allegedly attempting to circumvent South Africa’s exchange-control rules. George Michalakis, the party’s parliamentary leader, announced the removal, stating it was made after discussions with Burke to avoid any perception of conflict of interest while Kastelo is under SARB inquiry. Allegations suggest Kastelo, a fintech company chaired by Burke, systematically bypassed exchange control regulations to externalize R4 billion.

The Johannesburg High Court dismissed Kastelo's appeal to unfreeze its bank accounts during the SARB investigation. A SARB affidavit claims Kastelo used clients’ allowances to move funds offshore for its own benefit, opened offshore bank accounts in clients' names without their full knowledge, and misrepresented its activities in compliance declarations. Burke served as Kastelo’s CEO until June 2024, remaining as chairman after his parliamentary appointment.

The Reserve Bank has already frozen a portion of Kastelo’s funds at Access Bank, and a broader investigation is ongoing.