South Africa: DA Calls for Full Defence Inquiry After SA Army Foundation Officials Fined R44 Million

South Africa: DA Calls for Full Defence Inquiry After SA Army Foundation Officials Fined R44 Million

Press Release - The Democratic Alliance (DA) notes with grave concern reports that two senior South African Army Foundation officials have been debarred and fined more than R44 million following an extensive investigation by the Financial Sector Conduct Authority (FSCA).

Multi-million Rand fines, disbarment for SA Army Foundation executives

That all is not well at the SA Army Foundation was confirmed when the Financial Sector Conduct Authority (FSCA) withdrew its financial services provider (FSP)

FSCA withdraws SA Army Foundation licence, fines officials R44.7m – Moonstone Information Refinery

The Financial Sector Conduct Authority has withdrawn the South African Army Foundation’s authorisation to operate as a financial services provider, imposed combined administrative penalties of R44.7 million on two senior officials and barred them from the financial sector for 30 years. The FSCA said its action follows an investigation conducted under section 135 of the Financial Sector Regulation Act. The Foundation reportedly receives millions …