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Cape Town - The Financial Services Board (FSB) has cleared its former chief financial officer (CFO) Dawood Seedat of allegations of corruption against him, the FSB said on Friday.
READ: Ex-FSB financial officer accused of bribery
This was following two extensive reviews by FSB auditors after the allegations were made in June 2014.
READ: FSB to investigate Seedat
According to the FSB there has been no evidence of a breakdown of internal controls within the organisation.
Seedat resigned and immediately left the employ of the FSB following news of the allegations, which were made against him in his personal capacity.
The FSB auditors had to determine whether Seedat may have performed his role at the FSB in any way that breached the integrity of his position.
The FSB review included detailed internal enquiries into the performance and functions of the former CFO. The auditors were requested to revisit and review their previous findings during this period to establish whether the findings were influenced in any particular way by the former CFO.
No irregularities were uncovered on completion of the internal and external audits and there
was no evidence of any breakdown of internal controls.
The auditor general, who performed the external audit, has issued an unqualified audit
report on the financial statements of the FSB for the year ended March 31 2014.
The management of the FSB said they are confident that neither they, nor any of the entities they regulate, have suffered as a result of any actions by Seedat.
"The FSB is committed to ensuring that the organisation and its employees are held to the
highest ethical standards and to following a zero tolerance approach towards matters of
corruption," said the FSB.
ALSO READ: FSB to audit Seedat
- Fin24
