Ethics complaint alleges conflict of interest as ANC and MK Party pursue separate criminal cases
PRETORIA — 25 August 2026 — Political pressure on Democratic Alliance (DA) MP Dr Mark Burke has intensified after the Economic Freedom Fighters (EFF) lodged a formal ethics complaint with Parliament over his former involvement with fintech company Kastelo, which is at the centre of a South African Reserve Bank (SARB) investigation involving transactions exceeding R4 billion.
The complaint, submitted by EFF MP Omphile Maotwe to Parliament’s Joint Committee on Ethics and Members’ Interests on Monday, alleges that Burke faced a conflict of interest while serving on Parliament’s Standing Committee on Finance, which exercises oversight over the Reserve Bank. (The Citizen)
The development comes less than a week after the DA removed Burke from Parliament’s finance-related structures and replaced him as its finance spokesperson with Kingsley Wakelin. The party said the move was intended to avoid potential conflicts of interest while the Reserve Bank investigation continues. (EWN)
EFF alleges parliamentary conflict of interest
At the centre of the EFF complaint is Burke’s former position as founder and chairman of Kastelo and his simultaneous role in Parliament’s financial oversight structures.
Maotwe’s affidavit alleges that Burke remained a member of the Standing Committee on Finance while the Reserve Bank was investigating Kastelo.
The EFF argues that this created a direct conflict because the committee is responsible for oversight of the very institution conducting the investigation.
The party further alleges that Burke failed to recuse himself from relevant parliamentary proceedings and that his continued participation raised questions about Parliament’s ability to exercise independent oversight.
Those claims form part of the EFF’s complaint and have not been determined by Parliament’s ethics committee. (The Citizen)
Kastelo and the R4 billion Reserve Bank investigation
Kastelo, a fintech company co-founded by Burke, operates a cryptocurrency arbitrage business.
The Reserve Bank is investigating whether transactions involving more than R4 billion complied with South Africa’s exchange-control regulations.
According to reporting on the Reserve Bank’s case, concerns include allegations that clients’ foreign investment and single discretionary allowances were used to move funds offshore and that some transactions may have been conducted without clients fully understanding or participating in them. The allegations remain the subject of an investigation. (IOL)
Kastelo has disputed allegations of wrongdoing.
High Court rejects bid to unfreeze accounts
The political controversy follows a South Gauteng High Court judgment delivered in July, in which Kastelo’s application to have accounts held with Access Bank unfrozen was dismissed.
The court found that the Reserve Bank’s blocking action could be based on a reasonable suspicion of contraventions of the exchange-control regulations. Kastelo was also ordered to pay costs on a punitive scale. (Joburg ETC)
The ruling did not, however, amount to a criminal conviction against Burke or a final determination that Kastelo had committed exchange-control offences.
Burke has stressed this distinction, arguing that neither he nor Kastelo has been found guilty of wrongdoing by a court. (EWN)
DA removes Burke from finance structures
The DA moved to remove Burke from Parliament’s finance-related committees last week as scrutiny surrounding Kastelo intensified.
Kingsley Wakelin was subsequently appointed as the DA’s finance spokesperson.
Burke has said he resigned from Kastelo’s operational leadership after entering Parliament and has maintained that he has taken steps to avoid conflicts of interest involving the Reserve Bank.
He has also said he informed the DA and the finance committee secretary that he should not participate in matters involving the SARB. (IOL)
The DA has indicated that further action will depend on the outcome of the ongoing investigation.
ANC and MK Party open criminal cases
The ethics complaint is now part of a broader political and law-enforcement push for scrutiny of Burke and Kastelo.
The ANC opened a criminal case against Burke and Kastelo over the allegations relating to the R4 billion transactions. (eNCA)
The MK Party also opened a separate criminal case. MK Party MP Andile Mngxitama submitted a sworn statement to police concerning alleged contraventions of South Africa’s capital and exchange-control laws and called for an investigation into Burke’s role in the company. (eNCA)
Both cases call for law-enforcement authorities, including the Hawks, to investigate the allegations.
Burke denies personal wrongdoing
Burke has consistently denied personal wrongdoing.
He maintains that Kastelo’s activities involved legitimate cryptocurrency trading and has argued that the company has not been found guilty of violating the law.
He has also expressed confidence that the Reserve Bank investigation will ultimately clear him. (EWN)
What happens next?
The parliamentary Joint Committee on Ethics and Members’ Interests must now consider the EFF complaint and determine whether further action, including a formal hearing, is warranted.
The ethics process is separate from the Reserve Bank investigation and the criminal cases opened by the ANC and MK Party.
For Burke, the political consequences have already begun, with his removal from Parliament’s finance-related structures.
The central questions now are whether the Reserve Bank investigation will result in findings against Kastelo or individuals linked to the company, whether the criminal complaints will lead to further action by law enforcement, and whether Parliament’s ethics committee finds that Burke breached its Code of Ethical Conduct.
For now, the allegations remain allegations, and Burke maintains that he has done nothing wrong.
Sources in body of article.
