Sekunjalo Holdings raid followed claims of prohibited trading practices - FCSA

The FSCA said it was investigating possible contraventions of Section 80 of the Financial Markets Act.

FILE: Questions were asked about Iqbal Survé’s Ayo Technologies during the PIC inquiry.. Picture: YouTube.

JOHANNESBURG - The Financial Sector Conduct Authority (FCSA) said its raid on the premises of Sekunjalo Investment Holdings in Cape Town was part of an investigation into allegations of prohibited trading practices.

Officials raided the Cape Town offices on Wednesday and were met by owner Iqbal Survé, who argued that the operation was orchestrated by Public Enterprises Minister Pravin Gordhan.

The FSCA said it was investigating possible contraventions of Section 80 of the Financial Markets Act.

It said the order for the search was granted by the Western Cape High Court on Tuesday.

Questions were asked about Survé’s Ayo Technologies during the PIC inquiry.

After the raid, a video emerged of Survé pointing fingers at Gordhan and others.

The FSCA said it had the responsibility to investigate and, in appropriate instances, take enforcement action in cases of market abuse.