By Kaya 959 News
A high-profile businessman accused of being in possession of looted goods has been ordered to hand over his receipts for the items.
Last week, disgraced CEO of Ubuntu Wealth Management, Qhawe Sithole, was arrested after he was reportedly found with a washing machine, alcohol and other goods which were packed in his Jeep Wrangler.
Images showing Sithole standing alongside his vehicle, chatting with a friend, were shared on social media.
This led Ubuntu Wealth Management to issue a statement condemning his action.
The board further clarified his suspension, adding that once it receives all the facts about the case and has studied the findings, the board will take the recommended disciplinary action.
If convicted, Sithole could be debarred.
Proof of purchase
Speaking to IOL, a senior official claimed that the company had spoken with Sithole and asked him to provide proof of purchase.
According to Mmangaliso Nxumalo, Sithole said he would provide the receipts to his lawyers.
Furthermore, Sithole claimed that he was innocent.
He claimed that he had bought the items after he bought property in uMhlanga, north of Durban.
The Financial Sector Conduct Authority confirmed that it had removed Sithole from its database.
FCSA spokesperson, Tembisa Marele, said Sithole is no longer in the system as a representative.
“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,” he said.
Marele added that any regulated entity and/or representative thereof who has been convicted of a crime may not operate as a financial service provider.
According to Ubuntu’s website, Qhawe was born in Ladysmith and completed his high school education at Hilton College before obtaining a BCom degree majoring in Economics from the University of Cape Town in 2013.