EFF lodges ethics complaint against DA’s Mark Burke over R4bn Kastelo probe

The DA has withdrawn him from serving on the standing committees of finance and appropriations.

The South African Reserve Bank (SARB) is investigating Kastelo, the fintech chaired by DA finance chair Dr Mark Burke, over claims it moved R4 billion offshore in breach of exchange controls.

The EFF has formally lodged a complaint against DA Member of Parliament (MP) Dr Mark Burke, accusing him of breaching Parliament’s Code of Ethical Conduct while presiding over a company at the centre of a R4 billion exchange control investigation.

Red berets MP Omphile Maotwe, who serves on the Standing Committee on Finance, submitted a sworn affidavit to Parliament’s Joint Committee on Ethics and Members’ Interests on Monday, 24 August 2026.

Affidavit

In the affidavit, Maotwe alleges that Burke’s role as founder and chairman of Kastelo Proprietary Limited, while simultaneously serving on the committee overseeing the South African Reserve Bank (SARB), created a direct conflict of interest.

“Mr Burke held the position of Founder and Chairman of a company at the centre of one of the largest live exchange control matters before the Reserve Bank, while sitting as a full member of the Committee that Parliament entrusts with oversight of the very institution investigating that company,”

Maotwe stated in her affidavit.

Court ruling

The affidavit cites breaches of clauses 6(1)(b), 6(1)(d), and 6(1)(e) of the Code of Ethical Conduct, which require Members of Parliament to declare private interests, avoid using influence to advantage personal business, and withdraw from committee proceedings where conflicts exist.

‘Classic illicit financial flows’

The EFF’s accompanying statement described the transactions as “classic illicit financial flows” and said they represented a serious risk to South Africa’s tax base.

He confirmed stepping down as Kastelo’s chairman and said he has recused himself from Sarb discussions in Parliament, though Maotwe’s affidavit questions when that recusal took effect.

‘Committee must act’

Maotwe concluded her affidavit by urging the committee to act.

“Mr Burke’s own position at the intersection of that investigation and Parliament’s financial oversight was, in itself, a risk to public confidence that Parliament’s oversight of the country’s monetary and exchange control system is exercised without fear, favour, or private interest.”

The Joint Committee on Ethics and Members’ Interests is expected to consider the complaint in the coming weeks.