DA removes Mark Burke from finance committee amid R4bn Kastelo SARB probe

The DA has removed Mark Burke from its finance structures, citing conflict-of-interest concerns while the South African Reserve Bank investigates Kastelo over suspected exchange-control contraventions.

Democratic Alliance Member of Parliament (MP) Mark Burke will no longer serve on Parliament’s finance committee or the Democratic Alliance’s finance cluster while a company of which he is a beneficiary is the subject of a South African Reserve Bank inquiry.

DA Parliamentary Leader George Michalakis said the decision was taken after consultation with Burke and was intended to avoid any perception of a conflict of interest.

“After consultation with Dr Mark Burke, we have decided that out of an abundance of caution, and to avoid any perceptions of a conflict of interest, he will no longer serve on the finance committee or in the finance cluster while a company he is a beneficiary of is the subject of an inquiry by the SARB. We have now effected that change.”

The decision follows calls for Burke’s removal from finance-related parliamentary structures after the Johannesburg High Court dismissed a challenge by fintech company Kastelo over a Reserve Bank blocking order linked to suspected exchange-control contraventions involving about R4 billion.

Burke currently serves on Parliament’s Standing Committee on Finance. He is also an alternate member of the Standing Committees on Appropriations and Public Accounts.

The High Court, in dismissing Kastelo’s application to set aside the blocking order on July 28, found that the SARB had established a valid and objectively reasonable suspicion.

The allegations are contained in a Reserve Bank affidavit, which stated that investigators had identified a reasonable suspicion of exchange-control contraventions involving approximately R4 billion.

Burke previously served as chairperson of the broader Kastelo Group but said he ceased serving in that position in February 2026.

He also said he resigned from Kastelo in 2024 to pursue a political career and is not involved in its daily operations.

Kastelo is led by Burke’s brother, Nicholas Burke, who serves as its chief executive officer.

Burke has said the High Court judgment did not make any finding of wrongdoing against him or constitute a finding that exchange-control contraventions had been proven.

He said the court proceedings concerned whether the Reserve Bank had grounds to issue the blocking order while its investigation continued.

Burke has also said he had informed the DA and the finance committee secretary that he could not participate in matters relating to the SARB to avoid potential conflicts of interest.