The Financial Sector Conduct Authority (FSCA) has confirmed that it’s investigating newly appointed City of Johannesburg Mayor Kabelo Gwamanda over his alleged link with Ithemba lama Afrika, a funeral insurance scheme which he owns.
The allegations stem from former Joburg Mayor and DA member Dr Mpho Phalatse who accused Gwamanda of deserting investors when they were supposed to claim their benefits.
The FSCA says it aims to establish whether a contravention has occurred and will inform the public of the outcome of the matter once the investigation is concluded.
Political Analyst Thami Malinga, “The Financial Sector Authority investigation is long overdue. I believe that this matter should have been investigated when the scandal was first raised. The authority should have come in at that point in time without having waiting all along or having one of the political parties approach them. They should have been proactive. “
