Stafford Masie has taken the CEO chair at Africa Bitcoin Corporation (ABC) as three suspended senior figures prepare to contest a Financial Sector Conduct Authority (FSCA) enforcement order.
The FSCA yesterday published sanctions against former CEO Warren Wheatley, former CIO Akshay Karan, and Wheatley’s wife, Tatum Keshwar‑Wheatley, who headed the firm’s media and investor relations function.
The watchdog alleges the trio manipulated share prices at Altvest Capital, the entity that became ABC after a September 2024 rename.
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Share price manipulation allegations
South Africa’s financial sector regulator says the three worked together to artificially inflate Altvest’s share price and create a misleading impression of demand. The alleged manipulation occurred in September 2022, just four months after Altvest listed on the Cape Town Stock Exchange. The firm remained on that exchange until October 2024, when it moved to the JSE’s AltX.
The FSCA has fined the executives a total of R9 million, though the regulator’s own statement was R1 million short of this figure. Wheatley faces a R5 million fine, Keshwar‑Wheatley R3 million, and Karan R1 million. Each individual was also debarred from providing financial products or services for 20 years, effectively shutting them out of the regulated financial sector.
According to the FSCA, WGW Capital held a 34 % shareholding in Altvest during the period in question. Wheatley executed trades through the company’s share‑trading account, while Tatum Keshwar Investments held a 17 % stake and Keshwar‑Wheatley executed trades on its behalf.
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Interim leadership changes
ABC said the FSCA decisions had immediate implications for the firm, leading to precautionary measures and changes to its board. In a Stock Exchange News Service announcement, the firm stated that the individuals dispute the findings and will apply to the Financial Services Tribunal for reconsideration.
Wheatley told ITWeb via an ABC email address that the firm has decided not to litigate the issue in public and will not be responding to the allegations. Masie, an existing ABC executive director and director of Bitcoin strategy, stepped in as interim CEO as of the end of August. The firm informed shareholders about the sanctions on September 1, though specifics of the enforcement orders were not yet available.
Masie’s previous roles include more than seven years as an independent non-executive director of Advtech and four years on the board of the Council for Scientific and Industrial Research. A technology investor and advisor, he also lectures on executive Master of Business Administration programmes at several business schools.
