ANC parliamentary caucus demands removal of DA MP Mark Burke from finance committees

The African National Congress (ANC) Parliamentary Caucus has formally called for the immediate removal of Democratic Alliance (DA) Member of Parliament and DA Federal Finance Chair, Mark Burke, from Parliament's finance-related committees. This demand follows serious allegations outlined in a South African Reserve Bank affidavit regarding the business activities of Kastelo, a fintech company founded by Burke.

Allegations of exchange-control contraventions

According to the Reserve Bank affidavit, investigators have identified a reasonable suspicion of exchange-control contraventions involving approximately R4 billion. The allegations point to the use of third parties' foreign investment and discretionary allowances to externalise funds, transactions allegedly conducted without clients' knowledge or participation, and alleged misrepresentations of Kastelo's activities in compliance declarations submitted to the Reserve Bank.

Conflict of interest and impact on parliamentary oversight

The ANC Caucus argues that Parliament's Finance Committee cannot credibly exercise oversight over the Reserve Bank while one of its own members faces active investigations by the Reserve Bank itself. Describing the issue as a significant threat to South Africa's financial system, the movement of capital across borders, and exchange-control regulations, the caucus stressed that MPs must be held to a higher standard of leadership and public trust.

Call for action and pending investigations

While acknowledging that Burke and Kastelo are entitled to defend themselves and challenge the allegations, the ANC maintains that tolerating a clear conflict of interest undermines Parliament's credibility. Consequently, the caucus has called on the DA to immediately remove Burke from the Standing Committee on Appropriations and his alternative membership on the Standing Committee on Finance pending the conclusion of investigations.

Furthermore, the ANC urges parliamentary authorities to examine whether his continued participation aligns with Parliament's ethical obligations and public-interest responsibilities.