FSCA: There is no conspiracy in Sekunjalo Investment Holdings raid

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.

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:

Listen to the full interview below...


This article first appeared on CapeTalk : FSCA: There is no conspiracy in Sekunjalo Investment Holdings raid


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