FSCA investigates Joburg mayor's alleged involvement in fraud
The Financial Sector Conduct Authority (FSCA) has confirmed an investigation into Joburg mayor Kabelo Gwamanda and Ithemba Lama Afrika.
Gwamanda has been accused of allegedly “swindling and scamming” Soweto residents through a funeral services scheme, which he ran through iThemba Lama Afrika.
Opposition parties in the Joburg council have been asking Gwamanda to come clean, but he has since denied the allegations.
ActionSA and the Democratic Alliance (DA) want Gwamanda to step down.
In a statement released on Monday, FSCA said the investigation is ongoing
"The FSCA emphasizes that the existence of an investigation should not be construed as a statement or indication that any person has indeed contravened a financial sector law.
“The purpose of the investigation is to establish whether such a contravention has occurred. Once the investigation is concluded, the Authority will inform the public of the outcome of the matter."
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