Black Business Council accuses FSCA of ‘askari-style’ tactics
The BBC says the regulator wants to tarnish Akani’s reputation and muscle it out of business
The Black Business Council (BBC) has accused the Financial Sector Conduct Authority (FSCA) of what it called the “askari-style” treatment of Akani Retirement Fund Administrators (Akani), after the financial regulator conducted a search-and-seizure operation at the premises of the black-owned firm.
The FSCA announced on July 14 that it had conducted an operation on the premises of Akani, the largest black-owned and managed retirement fund administrator in Southern Africa, to gather information to assist its investigation into the firm after it received complaints sufficient to create “reasonable suspicion” that it had contravened financial sector laws. The FSCA obtained a court order to conduct the search-and-seizure operation, which was granted by the high court in Pretoria...
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