New details about investigation into DA finance chief’s company, which allegedly took R4 billion out of the country illegally

• The Reserve Bank’s investigation into Kastelo is still ongoing, with an affidavit by an investigator in the Reserve Bank’s Financial Surveillance Department identifying a reasonable suspicion of exchange-control contraventions.
• The Reserve Bank had reasonable suspicion that Kastelo conducted foreign exchange transactions amounting to R4 billion in contravention of the Exchange Control Regulations, using its clients’ Single Discretionary Allowances and Foreign Investment Allowances to move this money abroad.
• The ongoing investigation will determine the full extent of any contraventions that may have been committed and whether any further regulatory breaches occurred.