Financial Sector Conduct Authority removes suspended CEO accused of looting
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THE Financial Sector Conduct Authority has removed suspended CEO Qhawe Sithole from its database system following his suspension by the Ubuntu Wealth Management board.
Sithole, the founder and chief executive of Pretoria-based Ubuntu Wealth Management, allegedly looted a washing machine, a bar stool, alcohol, a bicycle and other braai accessories.
He was arrested in Durban and according to his company's chief operating officer, Mmangaliso Nxumalo, he was released on bail on Thursday.
He is pleading his innocence on the matter and is on Saturday expected to make formal representations internally about the circumstances surrounding his arrest.
Sithole declined to comment when approached by IOL on Friday.
FCSA spokesperson Tembisa Marele said of Sithole on Friday: “Mr Sithole has been suspended by his company, Ubuntu Wealth Management. This means he is no longer on our system as a representative of this FSP,” she said.
Marele said the FCSA was in direct and constant contact with Ubuntu Wealth Management and were monitoring developments closely. Should he be found to be innocent, he would then be allowed to practise again.
“The FSCA expects all regulated entities and their representatives to conduct themselves in a way that is in line with the fit and proper requirements of the authority.
“Any regulated entity and/or representative thereof who has been convicted of a crime may not operate as a financial service provider.
“In the case of such a conviction Mr Sithole can be debarred by the FSCA,” said Marele.
The FCSA has also condemned the violent looting and riots which took place in KZN and Gauteng since last Friday.
The Presidency said on Friday that over 212 people had died as a direct result of the looting and riots, while thousands more had been arrested in the two provinces.
“All South Africans should be concerned about these unfortunate events and the negative impact they have on our economy,” said Marele.
Sithole, who is also a University of Cape Town, University of Free State and the London School of Economics alumni, had also recently purchased property in Glenashley, uMhlanga, and had travelled to Durban last week as a result, said Nxumalo.
Nxumalo said the incident was a setback for the business, which only got its operating licence last year, and he reiterated that as a business, they were against the looting, riots and destruction that had been experienced in parts of KZN and Gauteng since last Friday.
Hilton College also condemned the acts of lawlessness and said it would not hesitate to expel from its societies any old boys who were found to have participated in the looting or encouraged it.
“Hilton College condemns all forms of lawlessness.
“Hilton College is horrified by the terrible scenes that have been witnessed at retailers and warehouses in KZN and Gauteng this week.
“We condemn all forms of lawlessness and would like to publicly support law enforcement agencies and members of the public who are taking a brave stand in keeping the people of South Africa safe.
“If anyone associated with Hilton College is found to have participated in any illegal activity, we would be deeply disappointed and would expect them to face the full might of the law.
“Old Hiltonians who are found to have incited, looted, or supported looting, will have their membership of the Hiltonian Society and the Old Hiltonian Club terminated,” the school said in a statement.