Arrest of Ubuntu Wealth Group CEO Qhawe Sithole continues to send shockwaves

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The arrest of the CEO of Ubuntu Wealth Group Qhawe Sithole for allegedly taking part in the rioting and looting in Umhlanga north of Durban continues to send shockwaves throughout the country.

Sithole, who lives in the wealthy coastal town of Umhlanga, was nabbed while carrying items suspected to have been looted in a local shop in his top of the range Jeep Wrangler vehicle.

The items include a washing machine, a bicycle and braai equipment.

The Board of Ubuntu Wealth Group-of which Sithole is the founder and CEO has now suspended him.

And following the suspension, the Financial Sector Conduct Authority says it has removed him from its database as he is no longer deemed fit and proper to operate in the financial services industry.

Analysts say Sithole’s case shows the extent of the erosion of the moral fibre of South African society at large.

Sithole is currently out on bail.

Police with help from community members recover some looted goods in Gauteng: