The BBC condemns the apartheid and askari-style treatment of Akani administrators by the FSCA
18 July 2022
The Black Business Council (BBC) strongly condemns the malicious Apartheid/Askari-style search and seizure operation by the Financial Sector Conduct Authority (FSCA) at the premises of Akani Retirement Fund Administrators (Akani), the largest black-owned and managed retirement fund administrator in Southern Africa, as part of their 9-year-old investigation that has never produced any findings. The search was conducted using white racists reservists to intimidate Akani employees, similar to what happened during Apartheid, opening old wounds.
To add salt to injury, the FSCA released a media statement dated 14 July 2022 on an investigation that has not been concluded yet — making the black business fraternity to conclude that the real intention of this farse of an investigation is to tarnish the reputation of Akani, raise doubt in the market and muscle it out of business — like they did with other black businesses under their watch.
It is our view, as confirmed by the statement of the FSCA, that the real intention is to pronounce a guilty verdict on Akani and the person of its founder, Zamani Letjane in the court of public opinion before matters are investigated fully and taken through our country's justice system. This is malicious and disingenuous of the FSCA and must be condemned in the strongest terms" said Kganki Matabane, BBC CEO.
The BBC is not against the investigation of any business that is suspected of wrongdoing, but the rules of engagement and terms of the investigation must be consistent across all businesses and not only target truly transformed and black owned and managed businesses.
"We have written to the Commissioner of the FSCA, Mr Unathi Kamlana, to seek an audience with him, without success." concluded Matabane.
In defence and pursuit of justice, the BBC is considering its legal options to defend its member and the little economic transformation gains.
Issued by Black Business Council, 18 July 2022
