The Financial Sector Conduct Authority (FSCA) confirms that it has concluded an investigation into the conduct of the South African Army Foundation (SAAF) and two of its senior officials. The investigation was conducted in terms of section 135(1)(a) of the Financial Sector Regulation Act 9 of 2017 (FSR Act).
The investigation followed a referral received from the Specialised Commercial Crimes Unit (SCU) of the National Prosecuting Authority (NPA).
The Authority is currently considering the appropriate enforcement action to be taken. Further communication will be issued once these considerations have been finalised.
The FSCA is not in a position to comment on any criminal proceedings related to this matter. However, it remains committed to providing its full cooperation and assistance to the relevant authorities.