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Analyst Highlights Long Overdue FSCA Investigation into Joburg Mayor
The Financial Sector Conduct Authority (FSCA) has confirmed that an investigation is underway regarding Kabelo Gwamanda, the recently appointed Mayor of the City of Johannesburg. The investigation focuses on Gwamanda’s alleged connection to Ithemba lama Afrika, a funeral insurance scheme that he owns.
The accusations against Gwamanda originated from Dr Mpho Phalatse, a former Johannesburg Mayor and member of the Democratic Alliance (DA) as reported by SABC News. Phalatse accused Gwamanda of abandoning investors who were entitled to claim their benefits through the insurance scheme.
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The FSCA has expressed its commitment to determine whether any regulatory breaches have occurred. The authority has assured the public that it will disclose the findings of the investigation once it is concluded.
Thami Malinga, a Political Analyst, has stated that the FSCA investigation is long overdue. Malinga believes the matter should have been promptly investigated when the scandal was initially raised. He further asserts that the authority should have taken proactive measures rather than waiting for external parties, such as political parties, to intervene or report the issue.
The investigation by the FSCA aims to shed light on the alleged connections between Mayor Gwamanda and the funeral insurance scheme. The findings are expected to bring clarity to the situation and provide insight into any potential wrongdoing or regulatory violations.
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