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Regulatory Action Against Khanyazania Holdings (Pty) Ltd, Azania Investors (Pty) Ltd, Messrs Simiso Anthony Manatha, Nqobi Ephraim Thwala and Khwezi Jackson.

The Financial Sector Conduct Authority (FSCA) has imposed an administrative penalty of R200 000 on Khanyazania Holdings (Pty) Ltd (Khanyazania Holdings) and its directors, Mr Simiso Anthony Manatha (Manatha) and Mr Nqobi Ephraim Thwala (Thwala), jointly and severally. It further imposed an administrative penalty of R200 000 on Azania Investors (Pty) Ltd (Azania Investors) and its director, Manatha, jointly and severally.

The FSCA further debarred Manatha for a period of 15 years, Thwala for a period of 10 years and Mr Khwezi Jackson (Jackson) for a period of 5 years.

The regulatory action follows an investigation by the FSCA in respect of Khanyazania Holdings and Azania Investors. The investigation found that Khanyazania Holdings, Azania Investors, Manatha and Thwala contravened section 7(1) of the Financial Advisory and Intermediary Services Act, No. 37 of 2002 (FAIS Act) by rendering financial services without being authorised as financial services providers (FSP). The investigation further found that Jackson contravened section 13(1)(a) of the FAIS Act by rendering financial services to clients for or on behalf of Khanyazania Holdings, which was not an authorised FSP.

Khanyazania Holdings and Azania Investors, inter alia, offered investments in shares to members of the public.

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