<\/p>\n
Former Miss South Africa Tatum Keshwar-Wheatley will no longer provide consulting services to Africa Bitcoin Corporation (ABC), while chief investment officer Akshay Karan has stepped down with immediate effect from 1 October.<\/p>\n
The ABC board of directors said in a JSE Sens announcement that it had accepted Karan\u2019s resignation and Keshwar-Wheatley\u2019s notice terminating her services. Keshwar-Wheatley was head of media and investor relations, with her services provided through a consulting company.<\/p>\n
Read:
FSCA debars Africa Bitcoin Corporation CEO and two executives
Africa Bitcoin CEO Warren Wheatley resigns after FSCA action<\/p>\n
Her husband, Warren Wheatley, has already resigned as CEO of the corporation.<\/p>\n
Well-known technology entrepreneur and executive director Stafford Masie has stepped in as interim CEO.<\/p>\n
Keshwar-Wheatley and Karan had initially stepped down for a precautionary period of nine months after the Financial Sector Conduct Authority (FSCA) issued a confidential decision to the ABC board on 30 August 2026.<\/p>\n
The FSCA has imposed 20-year debarment orders on Wheatley, Keshwar-Wheatley and Karan.<\/p>\n
FSCA findings<\/p>\n
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The FSCA\u2019s investigation found that between 5 and 8 September 2022, the three individuals engaged in coordinated trading that artificially inflated the share price and created a deceptive appearance of trading activity in Altvest Capital (the entity\u2019s former name) when it was listed on the Cape Town Stock Exchange.<\/p>\n
Keshwar-Wheatley, through her firm Tatum Keshwar Investments, faces a R3 million fine.<\/p>\n
The FSCA imposed an administrative penalty of R1 million on Karan for what it described as \u201chis involvement in the unlawful transactions\u201d.<\/p>\n
It imposed a R5 million administrative penalty jointly and severally on Wheatley and his holding company, WGW Capital.<\/p>\n
On Thursday, ABC\u2019s board said Karan and Keshwar-Wheatley\u2019s decisions to appeal the FSCA findings, and the related proceedings before the Financial Services Tribunal, \u201care personal to them and continue independently of the company\u201d.<\/p>\n
Trades \u2018amounted to R301\u2019<\/p>\n
In an open letter, Wheatley provided his version of events that led to the penalty and debarment.<\/p>\n
Read:\u00a0I was fined R5m and debarred over R301 in test trades, says Wheatley<\/p>\n
He says the matter relates to R301 in test trades conducted four years ago in Altvest shares.<\/p>\n
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\u201cFifty shares. Three hundred and one rand. A fine of millions. Debarment,\u201d says the open letter from a clearly aggrieved Wheatley.<\/p>\n
Wheatley says he has asked the Financial Services Tribunal to reconsider the FSCA\u2019s ruling, without admitting any wrongdoing.<\/p>\n
In his letter, he said: \u201cOn 28 August 2026, the FSCA debarred me and imposed a R5 million administrative penalty for conduct relating to orders and trades in Altvest shares in September 2022. I will apply to the Financial Services Tribunal to reconsider the decision of the FSCA and for the sanction to be suspended while the reconsideration is dealt with.\u201d<\/p>\n
\u201cThe FSCA\u2019s findings relate to events from four years ago.<\/p>\n
\u201cAt the time, I was testing a stockbroker trading platform that had historically not functioned correctly,\u201d he said.<\/p>\n
\u201cDuring the testing, three trades for a combined 50 shares worth a total of R301 were executed. That was the total sale price received, and I have not since sold shares in the company.\u201d<\/p>\n
Read:<\/p>\n
AltVest becomes the first company in Africa to start stacking bitcoin
\nAfrica Bitcoin Corp adds more bitcoin to its balance sheet<\/p>\n
ABC is Africa\u2019s first bitcoin treasury company and also provides debt financing to small and medium-sized enterprises. The company is listed on the JSE, with secondary listings on the Namibia Stock Exchange and A2X.<\/p>\n
As various regulations prevent pension funds and collective investment schemes from investing directly in bitcoin, companies such as ABC provide regulated funds with exposure to the cryptocurrency through ordinary shares.<\/p>\n
#Tatum #KeshwarWheatley #terminates #services #Africa #Bitcoin #Corp<\/p>\n","protected":false},"excerpt":{"rendered":"
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