The Financial Sector Conduct Authority (FSCA) says there is no conspiracy in the raid at Sekunjalo Investment Holdings in Cape Town.
The FSCA raided the company as part of an investigation into allegations of prohibited trading practices.
Sekunjalo Investments Holdings owner Iqbal Survé argued that the operation was orchestrated by Public Enterprises Minister Pravin Gordhan.
Speaking to Refilwe Moloto, FSCA divisional executive of investigations and enforcement Brandon Topham says the order for the search was granted by the Western Cape High Court.
Dr Survè, on FSCA raiding his office:— Izwe Lethu (@LandNoli) October 9, 2019
It's Pravin behind this
You went to 1st Judge, said no. 2nd Judge is Pravin & DA's friend
You're not taking my PA's laptop there's privileged info
It's fishing to get info we have on Pravin, Cyril. My reporters are to publish this weekend pic.twitter.com/pi3py3jDbu
There is no conspiracy for sure. One morning I read Business Day and I saw an article on the group and I said this needs a bit of investigation.— Brandon Topham, Divisional executive of investigations and enforcement - FSCA
So we commenced our investigation into potential market abuse in terms of the Financial Market Act.— Brandon Topham, Divisional executive of investigations and enforcement - FSCA
Part of our investigation gives us the power to do a search and seizure which we use in certain circumstances and we chose to use it yesterday.— Brandon Topham, Divisional executive of investigations and enforcement - FSCA
Survé released the following statement:
Survé also mentioned in his statement about “dark forces at play in South Africa” and he will not be silenced or intimidated. pic.twitter.com/kxZ3i4vmjk— Heidi Giokos (@HeidiGiokos) October 9, 2019
Listen to the full interview below...
This article first appeared on CapeTalk : FSCA: There is no conspiracy in Sekunjalo Investment Holdings raid