DA finance chief steps aside over R4bn SARB forex probe

The Democratic Alliance (DA) has removed MP Mark Burke, its federal finance chairperson, from Parliament's finance committees as a precautionary measure amid a South African Reserve Bank (SARB) investigation into his fintech firm Kastelo over alleged exchange-control breaches totalling about R4bn.

Parliamentary leader George Michalakis announced the removal on 19 August 2026, saying Burke was stepping aside “out of an abundance of caution, and to avoid any perceptions of a conflict of interest.” The move came a day after Burke clarified he had resigned as chairman of the Kastelo group two years earlier to pursue a political career.

Why Burke was removed

Michalakis said Burke would no longer serve on the finance committee or in the finance cluster while a company he is a beneficiary of is subject to a SARB inquiry. MP Kingsley Wakelin has taken over as the DA's parliamentary finance spokesperson.

The removal followed news that the fintech company founded by Burke and run by his brother Nicholas is under investigation by SARB for exchange control violations.

The SARB probe into Kastelo

A SARB affidavit by investigator André Malherbe alleges that Kastelo misrepresented its business activities to authorities in a bid to “circumvent” South Africa's exchange controls. The central bank suspects Kastelo used third parties' single discretionary allowances (SDAs) and foreign investment allowances (FIAs) to externalise funds for its own benefit, which is forbidden by law.

Malherbe's review of whistleblower evidence and cross-border foreign exchange results for Kastelo, covering 16 November 2021 to 21 November 2025, disclosed a “reasonable suspicion of exchange control contraventions” amounting to R4bn. A broader SARB investigation into Kastelo is ongoing.

The legal battle over frozen funds

Kastelo, chaired by Burke and run by his brother Nicholas, is in a legal battle with SARB over the freezing of some of its funds held with Access Bank. The central bank blocked the company's funds in November 2025, by which time Kastelo had externalised about R4bn as part of its business dealings.

Kastelo said it no longer offered its arbitrage service since SARB's bank account blocking order of November 2025, despite such trading still being available in the market.

Kastelo's defence

Kastelo defended its business model, telling Business Day it enabled clients to benefit from the difference in crypto prices domestically versus abroad, and denied keeping clients in the dark about offshore accounts.

Burke noted that the High Court had not made any finding of wrongdoing against him or Kastelo. He was elected the DA's federal finance chairperson at the party conference in April 2026, when Geordin Hill-Lewis was installed as party leader, replacing Dion George in the role key to the DA's fundraising. At the time of the probe, Burke was a member of the standing committee on appropriations and an alternate member of the standing committee on finance.