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Qhawe Sithole – The Looting CEO Scandal

Qhawe Sithole – The Looting CEO Scandal

The arrest of Qhawe Sithole, Ubuntu Wealth Management chief executive, for allegedly taking part in the looting in Umhlanga, KwaZulu-Natal, has sent shockwaves across South Africa. Sithole was arrested last week after he was stopped at a roadblock in Durban, with the police allegedly finding his Jeep Wrangler loaded with a washing machine, a bar stool, alcohol, a bicycle, and several other items.

The Financial Sector Conduct Authority (FSCA) announced that it had removed Sithole from its database following his suspension by the Ubuntu Wealth Management board. The spokesperson for the FCSA, Tembisa Marele, said Sithole’s suspension by his company meant he was no longer on their system as a representative of the financial sector regulator.

According to Marele the FCSA was in direct contact with Ubuntu Wealth Management and was monitoring developments closely. Marele indicated that should Sithole be found to be innocent, he would be allowed to practice again.

“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.

Social media users have reacted with anger, shock, and confusion to the businessman’s alleged conduct. One user said the arrest of Sithole showed that the acts of vandalism and looting were apparently not perpetrated by the poor and destitute alone.

“He ought to hang his head in shame. He must account …,” tweeted another user.


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