FCSA strips Moses Kotane's grandson of his licence | IOL News

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FCSA strips Moses Kotane's grandson of his licence

A businessman and scion of a Struggle icon’s family accused of using VBS Mutual Bank for unlawful activities has been ordered to repay the R10 million he received from a Namibian bank four years ago. Moses Kotane’s grandson Mauwane Kotane was also debarred and his company Mamepe Capital’s licence to operate as a financial services provider was withdrawn by the Financial Service Conduct Authority this week.

According to the FSCA, the regulator of the South African financial services industry, Kotane jr was involved in a fraudulent scheme including claiming he had secured a new R175m investment for the now-defunct Namibian bank, Small and Medium Enterprises Bank in 2015. SME Bank paid Mamepe Capital R10m as a once-off upfront payment for all past, present and future work to provide Kotane’s company with sufficient cash flow, but without having raised any capital for SME Bank.

The regulator found that Kotane was a dishonest person and rejected his lawyer’s claims that he was just naive.

 

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