The Financial Sector Conduct Authority (FSCA) has refuted claims that its investigators who raided the offices of Akani Retirement Fund Administrators in Kempton Park in July 2022 had stolen hard cash and a desktop.
The FSCA also denied allegations that the investigators had assaulted the company’s senior official.
The fund’s former managing director, Zamani Letjane, now the group chairperson, and the manager of operations, Nthabeleng Motsohi, opened criminal cases accusing the investigators of theft and assault.
The FSCA responded to these claims this week after the organisation failed to respond to detailed questions sent to them last week by the Sunday World.
In a statement released by the company after the initial story was published at the weekend, the FSCA denied allegations that its investigators had transgressed any laws.
“The enforcement division of the FSCA is empowered by law to conduct investigations if a reasonable suspicion exists that a financial sector law has been contravened,” reads the statement.
“The FSCA is currently conducting an investigation involving Akani relating to alleged contraventions of financial sector laws. This follows complaints received by the FSCA.”
The statement further reads that the Financial Sector Regulation Act permits the FSCA to apply for a search and seizure warrant if certain conditions are met.
“In the present case, the FSCA successfully applied for such a warrant and the high court granted the application.
“Pursuant to the warrant granted by the high court, the FSCA investigation team, assisted by an external forensic information technology team, and accompanied by the South African Police [Service], executed the warrant over several days starting on the morning of 5 July 2022.”
It said the execution of the warrant led the organisation to seize a material amount of digital evidence.
“Akani brought an application to the high court to have the warrant set aside on the basis that it is unlawful. The FSCA strongly disagrees with these allegations and is opposing the application. The matter has not yet been heard.
“In the interim, the FSCA has agreed to commit the digital evidence to an independent third party for safekeeping pending the outcome of the application,” reads the statement.
Regarding allegations of theft of cash amounted to R100 000 and the Apple Mac desktop, the FSCA said its staff did not misappropriate any equipment or cash of Akani or any other person, citing that it was hogwash that the investigators had also allegedly assaulted any person during the execution of the warrant.
“The warrant was executed with strict regard to all persons’ rights, decency and good order. Notwithstanding resistance from Akani staff, agreement was eventually reached on the process of the search.
“No member of staff of the FSCA wore police uniforms or impersonated a police officer. The FSCA staff are not members of the Hawks. They were, however, accompanied by police officers for their safety.
“Entry into the buildings and the search and seizure operation were sanctioned by a warrant issued by the high court,” said the FSCA.
The organisation also stated that its team does not wear “badges” or name tags, emphasizing that it is standard protocol to introduce themselves and inform the persons at the premises of the warrant, and to hand over a copy of the warrant.
“This protocol was followed in the present instance. The FSCA and its staff are not aware of a case having been opened against any FSCA staff member and have not been approached by any police official in this regard.”
On Saturday, the police in Gauteng confirmed to Sunday World that such cases had been opened with the police in Kempton Park and that they are being investigated.
Gauteng police spokesperson Captain Mavela Masondo said at the time: “Police can confirm that a case of theft was opened and the matter is under the investigation.
“No arrests have been made yet. Another case of common assault was opened, and the case was referred to Ipid [Independent Police Investigative Directorate] for investigation.”
Akani officials open cases against FSCA investigators
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