The African National Congress has stepped up its criticism of the Democratic Alliance over the Mark Burke and Kastelo controversy, arguing that the DA MP’s removal from Parliament’s finance structures does not resolve the questions surrounding the ongoing investigation.
The DA announced that Burke would no longer serve on Parliament’s Standing Committee on Finance or the party’s finance cluster while the South African Reserve Bank investigates fintech company Kastelo.
The party said the move was a precaution designed to prevent any perception of a conflict of interest.
DA Takes Burke Off Key Finance Roles
DA Parliamentary leader George Michalakis confirmed that Burke had been consulted before the decision was implemented.
The party subsequently appointed Kingsley Wakelin as its new finance spokesperson.
The DA has stressed that the decision should not be interpreted as a judgment on Burke or Kastelo, maintaining that the central bank investigation must be allowed to proceed independently.
Burke has also denied personal wrongdoing and has maintained that he stepped away from the company before pursuing his political career.
What the SARB Investigation Is About
The controversy centres on Kastelo’s cryptocurrency arbitrage activities and allegations that certain transactions may have breached South Africa’s exchange-control regulations.
Reports surrounding the investigation indicate that transactions worth approximately R4 billion are being examined by the SARB’s Financial Surveillance Department.
The reported business model involved clients converting South African rand into foreign currency, using the funds to buy cryptocurrency through overseas exchanges and then transferring the cryptocurrency back to South Africa, where it could potentially be sold at a higher price.
The central issue for investigators is whether authorised foreign-exchange allowances were used in a way that circumvented exchange-control rules.
Burke Has Distanced Himself From Kastelo
Burke co-founded Kastelo with his brother and previously served as chairman of the company.
He has said he resigned from Kastelo in 2024 as he moved into politics and later stopped serving as chairperson of the wider Kastelo Group in February 2026.
His position has been that the ongoing investigation should not be treated as proof that he personally committed an offence.
That distinction is important because the investigation has not resulted in a final finding that Burke or Kastelo breached exchange-control laws.
SARB Previously Blocked Kastelo Funds
The central bank’s investigation has already resulted in legal action.
SARB issued a blocking order affecting Kastelo funds held at Access Bank in November 2025 while its investigation continued.
Kastelo challenged the order in the High Court but lost the application.
However, the court proceedings were concerned with whether SARB had sufficient grounds to impose the blocking order during the investigation.
They did not constitute a final determination that Kastelo or Burke had committed exchange-control violations.
Burke has pointed to this distinction in rejecting claims that wrongdoing has already been established.
ANC Demands Wider Accountability
The ANC has nevertheless argued that the DA’s decision does not settle the political questions raised by the controversy.
ANC spokesperson Mahlengi Bhengu said removing Burke from parliamentary committees should not be viewed as immunity from further scrutiny.
She argued that holding political office should not prevent authorities from examining allegations and called for the facts surrounding the investigation to be fully established.
The ANC has previously pushed for Burke to be removed from finance-related parliamentary structures, saying his links to Kastelo raised concerns about his ability to participate in oversight involving financial institutions such as SARB.
ANC Accuses DA of Double Standards
Bhengu also questioned whether the DA would apply the same standards to allegations involving members of its own leadership.
The ANC has used the dispute to press its broader argument that elected representatives should be subject to accountability regardless of their political affiliation.
The party has urged investigators and other relevant authorities to follow the evidence surrounding the transactions and determine whether any laws were breached.
The DA, meanwhile, has maintained that no one should prejudge the outcome of the SARB investigation.
Criminal Case Threat Adds to Political Pressure
The controversy has also moved beyond calls for parliamentary action.
ANC Chief Whip Mdumiseni Ntuli has indicated that he intends to open a criminal case against Burke in connection with the Kastelo controversy.
That threat adds another dimension to an already politically charged dispute involving Parliament, the DA and the country’s central bank.
Any criminal complaint, however, would still need to be assessed by the relevant law-enforcement authorities, and allegations should not be treated as established facts unless proven through the appropriate legal process.
Parliament Loses Burke From Finance Oversight for Now
Burke’s removal means he will no longer participate in Parliament’s finance committee or the DA’s finance cluster while the SARB inquiry remains underway.
The DA’s decision appears intended to remove any potential conflict-of-interest concerns while allowing the investigation to proceed without Burke directly participating in parliamentary financial oversight.
For the ANC, however, the issue extends beyond committee membership.
The party wants continued scrutiny of the circumstances surrounding Kastelo and believes the political consequences should not end with Burke stepping aside from finance-related roles.
A Bigger Test for Political Accountability
The dispute has placed renewed attention on the relationship between political office, private business interests and parliamentary oversight.
At the heart of the disagreement is whether Burke’s former connection to Kastelo creates an unacceptable conflict while the company’s activities are being examined by SARB.
The DA has responded by removing him from the relevant structures without declaring him guilty of wrongdoing.
The ANC, however, is insisting that the investigation and any potential legal consequences must continue independently.
What Happens Next?
The SARB investigation remains the central development to watch, with its eventual findings likely to determine whether further regulatory or legal action follows.
Burke could also face additional political pressure if the ANC proceeds with its proposed criminal complaint.
For now, the DA has taken the precautionary step of removing him from key finance roles, while insisting that due process must be respected.
The controversy is therefore far from over, with the competing demands for accountability and presumption of innocence likely to remain at the centre of the debate.
Summary
The ANC has rejected the idea that Mark Burke’s removal from Parliament’s finance committees resolves the controversy surrounding Kastelo.
The DA removed Burke from the Standing Committee on Finance and its finance cluster after the SARB began investigating Kastelo over alleged exchange-control violations involving transactions reportedly worth about R4 billion.
Burke, who co-founded Kastelo, has denied personal wrongdoing and has stressed that the court proceedings concerning SARB’s blocking order did not establish that he or the company had breached the law.
The ANC continues to demand accountability and has indicated that a criminal complaint may be opened against Burke.
With the SARB investigation still ongoing, the dispute remains a major test of how South Africa’s political parties handle conflicts of interest, regulatory scrutiny and accountability.
