DA finance chief's fintech under probe for $220 million offshore transfer
South Africa’s central bank has opened an investigation into Kastelo, a fintech co-founded by Democratic Alliance finance head Mark Burke, over alleged breach of exchange-control rules involving a $220 million offshore movement.
The South African Reserve Bank has launched an inquiry into Kastelo, a fintech firm co-founded and chaired by Mark Burke, who serves as the Democratic Alliance’s finance chief. The investigation stems from a $220 million offshore transfer that the bank says may have evaded the nation’s exchange-control regulations, prompting the Reserve Bank to freeze the company’s assets in late 2025. This development follows earlier claims by the DA’s former leader that a lobbying outfit chaired by his predecessor attempted to influence government ministers.
While Burke has not faced any criminal charges and did not respond to requests for comment, the case threatens the party’s reputation for clean governance. The central bank’s move also underscores its determination to prevent South Africa from re-entering the Financial Action Task Force’s grey list, a status that previously raised transaction costs and sovereign-risk concerns before the country’s removal in October.
Why it matters
The probe could damage the DA’s anti-corruption image and affect South Africa’s efforts to stay off international money-laundering watchlists.
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