FSCA investigating City of Joburg mayor Kabelo Gwamanda

The Financial Sector Conduct Authority (FSCA) has confirmed that it is investigating complaints received about City of Joburg Mayor Kabelo Gwamanda and his burial scheme Ithemba Lama Afrika.

The confirmation by the FSCA comes as political parties in the City of Joburg have accused him of running a fraudulent ponzi scheme and have also questioned his qualifications.

FSCA INVESTIGATING CITY OF JOBURG MAYOR

In a brief statement the FSCA said the investigation is currently ongoing, and as such no further details can be shared at this time.

The FSCA also emphasised 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,” the statement read.

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SPEAKER ACCUSED OF DELAYING NO CONFIDENCE MOTION AGAINST KABELO GWAMANDA

ActionSA in the City of Joburg accused Speaker, Colleen Makhubele of delaying the motion of no confidence against Mayor Kabelo Gwamanda and shielding him from accountability.

A motion of no confidence gainst Gwamanda was expected to be heard this week but it wil likely be heard in the next Council sitting according to ActionSA.

The party’s caucus spokesperson in Johannesburg, Sthembelo Majola said Makhubele and the ANC-EFF coalition, which elected Gwamanda as a mayor are protecting him from accountability by delaying the motion against him.

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