Regulator clears Cobus Kellermann following multi-year probe | Fin24
 
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Regulator clears Cobus Kellermann following multi-year probe

Nov 07 2019 10:32
Jan Cronje

Financial regulator the Financial Sector Conduct Authority has cleared businessman Cobus Kellermann of breaching any SA financial laws, bringing to an end a probe that kicked off in 2014.

On Wednesday the regular announced that its inspection, which started under its predecessor the Financial Services Board (FSB) had found "no evidence of any breaches of the relevant South African financial sector laws"

"Neither the FSB nor the FSCA has been advised of any regulatory action having been taken against Mr. Kellermann by any foreign regulator."

OffshoreAlert, a US newsletter on financial crime, reported in March 2015 that the Belvedere Management Group, a Mauritian financial services group, showed evidence of being a criminal enterprise. Kellermann, according to media reports at the time, was a part owner in a company affiliated to the group. Kellerman denied allegations of wrongdoing at the time.

Following the report, the FSB had said that it was liaising with the Mauritian Financial Services Commission and the Guernsey Financial Commission in a probe into Kellermann and associated entities. It said at the time that it would "take regulatory action it deems necessary at the conclusion of these investigations". 

On Wednesday the FSCA said its inspection sought to establish whether Kellermann was involved with any South African Financial Services Providers (FSPs), and whether the funds of any South African clients were invested in the foreign entities that were mentioned in media reports on the matter.

On Wednesday, the FSCA stated that its inspections had established that Kellermann was or had been involved with the following South African FSPs:

• RSA Multi Asset Management (Pty) Ltd

• Governation Investments SA (Pty) Ltd

• Pensionation Investments SA (Pty) Ltd

• Multivest Financial Planning (Pty) Ltd

• Contego Asset Management (Pty) Ltd

• Clarus Asset Managers (Pty) Ltd

It found no evidence of any SA laws being breached. The Mauritian finances services regulator did not immediately reply to a request for comment. 

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