Kastelo, founded by DA's financial chief before he became an MP, accused of ExCon violations

[Jan]

Kastelo, founded by DA's financial chief before he became an MP, accused of ExCon violations

The Johannesburg High Court dismissed an appeal by Kastelo, a fintech and cryptocurrency arbitrage trading provider, seeking to unfreeze its bank accounts while the Reserve Bank investigates it.

Acting Judge S. Johnson handed down a damning judgment, not only dismissing Kastelo’s application but also ordering costs on the punitive attorney-and-client scale.

 

[JerryMungo]

Well you know the answer to that one...

 

[Bad Ballie]

My understanding of the attorney-and-client scale is not that it is punitive, but rather that it allows the recovery of a much larger portion of the full cost of the respective client, whereas under normal party -party costs the client is still left out of pocket even where the costs are awarded. What am I missing?

 

[Newsfeed]

DA leader says he is not involved with crypto company accused of breaking the law

DA federal finance chairperson Mark Burke said that he is not operationally involved at Kastelo and that there had been no finding of wrongdoing against him or the company.

 

[JerryMungo]

So reporter jumping the gun here?

 

[Randomwasavailable]

Time for a good news article...

 

[Mercury]

Why wait for an article? Read the judgment for yourself at https://www.saflii.org/za/cases/ZAGPJHC/2026/881.html. Interesting that Dr Burke stepped down after the urgent application failed. That judgment is at https://www.saflii.org/za/cases/ZAGPJHC/2026/20.html, where paragraph 27 explains attorney-and-client costs as punitive costs.

If Dr Burke stepped down as chairman after the urgent application failed, that also means he was chairman when the transactions that may or may not have been problematic took place. We will only know if they were or not when the SARB investigation has been finalised and, if necessary, tested.

 

[Bad Ballie]

Why waste your breath at all? bottom line is that you are involved in the company, even if not 'operationally' and you still benefit from the company's 'success' saying anything else is effectively a lie.

 

[Sargeant]

Guilty by media and no consequences!

 

[LazyLion]

SARB regulations also in a mess....

SARB’s new exchange control rules draw criticism – Moonstone Information Refinery

www.moonstone.co.za

SARB softens exchange control rules, but barriers for non-residents remain – Moonstone Information Refinery

www.moonstone.co.za

 

[TheChamp]

Guilty by media and no consequences!

That's usually what happens when a politician is accused of something, the only difference now is that it's a DA politician.

 

[TheChamp]

Why waste your breath at all? bottom line is that you are involved in the company, even if not 'operationally' and you still benefit from the company's 'success' saying anything else is effectively a lie.

Actually it's worth wasting your breath on, there is a difference between criminal liability and just financial liability.

So even if he benefitted, It could make a difference between just paying back the money or being criminally charged.

 

[Bad Ballie]

Actually it's worth wasting your breath on, there is a difference between criminal liability and just financial liability.

So even if he benefitted, It could make a difference between just paying back the money or being criminally charged.

I understand what you are saying, but on a lesser basis his current position in the DA means there isn't much distinction between being financially or criminally liable for us as members of society, both would speak to his suitability to hold the position he does in the DA

 

[Newsfeed]

DA finance chief Mark Burke under siege

DA federal finance chair Mark Burke recused himself from Parliament's finance cluster following allegations that a company he founded violated Reserve Bank exchange controls.

 

[WollieVerstege]

 

[FiestaST]

 

[OliverRC]

Smells of a smear campaign by the ANC trying to play dirty

 

[B-1]

Smells of a smear campaign by the ANC trying to play dirty

The fact that they picked something where the regulation is a complete mess says a lot.
No doubt it will all disappear after the elections.

 

[Bad Ballie]

So reporter jumping the gun here?

No, there is an accusation and Burke is a beneficiary so he needed to do the right thing and step back until the matter is resolved. The DA has enough problems without its Finance members being accused of benefitting from dodgy financial practices on top of everything else.

 

[GrootVoet]

How refreshing to see a political leader step aside until proven guilty or not - maybe some others can follow his example.

Phala phala, red party leader paying late night visits with whisky to crimes bosses, fire pools, etc. but those does not count