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JOHANNESBURG. – 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 today expected to make formal representations internally about the circumstances surrounding his arrest.
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.”
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.– IOLNews
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