DA removes Burke from finance committee amid Reserve Bank probe

The DA has removed MP Mark Burke from parliament’s finance committee and the party’s finance cluster while a company of which he is a beneficiary is the subject of an investigation by the South African Reserve Bank.

After consultation with Dr Mark Burke, we have decided that out of an abundance of caution, and to avoid any perceptions of a conflict of interest, he will no longer serve on the finance committee or in the finance cluster while a company he is a beneficiary of is the subject of an inquiry by the [Bank].

We have now effected that change,” Michalakis said in a statement.

Kingsley Wakelin will take over as the DA’s finance spokesperson.

The move follows reports that the Bank is investigating fintech company Kastelo Pty Ltd over suspected contraventions of South Africa’s exchange control regulations.

Burke said in a statement on Tuesday that he respected the independence of the Reserve Bank and its responsibility to investigate potential contraventions of exchange control regulations.

The matter before the court concerned whether the Reserve Bank had grounds to issue a blocking order while its investigation continues. The court found that it did,” Burke said.

Burke also said he had recused himself from matters involving the Reserve Bank since entering parliament.

Since entering parliament I have consistently informed my party and the finance committee secretary that I cannot be involved in any matters relating to the [Reserve Bank] to avoid any conflicts of interest,” he said.

He said he had also made the necessary declarations to parliament and the members’ interest register.

The DA defended Burke on Tuesday, with federal council chair Ashor Sarupen saying the party would not interfere with or prejudge the Reserve Bank investigation.

There is no finding of wrongdoing against Dr Burke that would justify the DA treating him as though such a finding had already been made,” Sarupen said.

He said that the DA believed in accountability, the independence of institutions and due process, and that these principles applied equally to its representatives.

The DA has now nevertheless opted to remove Burke from the finance committee and finance cluster while the Bank inquiry continues.