Johannesburg – The Financial Sector Conduct Authority (FSCA) has issued a public warning against Mandla Lamba.
The FSCA has warned the public to act with caution when doing any financial services business with Lamba.
In a statement, the FSCA said it received information that Mandla Lamba is conducting unregistered business and offering shares to members of the public on social media and other broadcasting platforms, promising them unrealistic returns.
“The FSCA points out that Mandla Lamba is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) to render any financial advice and intermediary services.”
Mandla Lamba is linked to amongst others, the following companies and it should be noted that the below companies are also not authorised in terms of the of the FAIS Act:
The FSCA further stated, “Members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services and what category of advice it is that the entity is registered to provide.”
“There are instances where persons are registered to provide basic advisory services for a low-risk product and then offer services of a far more complex and risky nature. The FSCA again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll-free number (0800 110 443) or on the website www.fsca.co.za as to whether or not such institution or person is authorised to render financial services, and in particular which financial products they are licensed for.”
It was reported over ten years ago that Mandla Lamba gave himself the title of “South Africa’s youngest billionaire”, just to be caught out after he had lied about his riches.
In a deleted Instagram post, South African socialite and celeb, Somizi posted the investment options for Agiitee Africa, a business linked to Lamba, to his four million followers sharing how the public could buy shares in Agilitee.
Officially, this was the summary of the big business reveal that all of you can be part of if you are committed to fixing the economy… pic.twitter.com/bsmmp5Ao5j
— Khaya Sithole (@CoruscaKhaya) July 2, 2021
Somizi also shared the banking details of the company for both South African citizens and people outside of the country.
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