The Financial Sector Conduct Authority (FCSA) said it has not launched an investigation into allegations of fraud levelled against Joburg mayor Kabelo Gwamanda.
He has been accused of running a Ponzi scheme through his Ithemba Lama Afrika business, defrauding Soweto residents of money.
Recent reports have suggested that the Authority has confirmed that Gwamanda ran an illegal business, posing as an illicit financial service provider.
However, the FSCA has told the publication that such an investigation was never on its radar.
Gwamanda is adamant that the fraud allegations levelled against him are false.
At the same time, the Financial Sector Conduct Authority has told the publication that it has not received complaints pointing in Gwamanda’s direction.
But despite this, ActionSA in Joburg says it will proceed to table a motion of no confidence against the mayor, saying he failed to come clean about the allegations.
The party has also accused Joburg Speaker of Council Colleen Makhubele of refusing to ensure the motion goes to council this month.
-EWN
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South African TV and radio presenter Unathi Nkayi committed a career hara-kiri when she refused to apologize to her former colleague Sizwe Dhlomo for “falsely accusing” him of hurling profanities at her in the studio of the Gauteng-based radio station last year.
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