The Financial Sector Conduct Authority says its decision to debar three senior officers of Africa Bitcoin Corporation (ABC), formerly Altvest Capital Limited, followed an investigation into share transactions that artificially inflated Altvest’s share price and/or created a false or deceptive impression of market activity in its shares.
In a media statement issued on 3 September 2026, the FSCA provided details behind the debarment orders, which were announced by ABC earlier this week. The FSCA disclosed that the three individuals were debarred for 20 years each and that it imposed administrative penalties totalling R10 million.
ABC, which is listed on the JSE and A2X, describes itself as a financial services group that provides private credit and other funding instruments to small and medium-sized enterprises and holds Bitcoin as a strategic reserve asset.
The FSCA said its investigation found that, between 5 and 8 September 2022, Warren Gregory Wheatley, the chief executive of Altvest Capital, acted in concert with his wife, Tatum Keshwar-Wheatley, and Akshay Suresh Karan, Altvest’s chief investment officer.
It said their co-ordinated conduct artificially inflated Altvest’s share price and/or created a false or deceptive appearance of demand, supply, or trading activity in its shares. Altvest was listed on the Cape Town Stock Exchange at (CTSE) the time, the Authority’s statement said.
The investigation found that the three individuals contravened section 80(1)(a) of the Financial Markets Act (FMA).
The Authority said they were debarred because they contravened the FMA and/or aided and abetted others in contravening a financial sector law.
The FSCA imposed a R5m administrative penalty on Wheatley and WGW Capital (Pty) Ltd, jointly and severally. At the time of the transactions, WGW Capital held a 34% shareholding in Altvest. According to the Authority, Wheatley, in his capacity as a director of WGW Capital, executed trades through the company’s share-trading account.
The regulator imposed a R3m administrative penalty on Keshwar-Wheatley and Tatum Keshwar Investments (Pty) Ltd, jointly and severally. It said Tatum Keshwar Investments held a 17% shareholding in Altvest at the time of the transactions, and Mrs Keshwar-Wheatley, the sole director of Tatum Keshwar Investments, executed trades through the company’s share-trading account.
The FSCA imposed a R2m administrative penalty on Karan for his involvement in the transactions.
The debarment orders apply to the three individuals. The FSCA also imposed administrative penalties on WGW Capital and Tatum Keshwar Investments, jointly and severally with Wheatley and Keshwar-Wheatley, respectively.
ABC had said that neither it nor its subsidiaries were subject to an FSCA finding, administrative penalty, or debarment order.
The FSCA identified WGW Capital and Tatum Keshwar Investments as shareholders in Altvest at the time of the transactions, not as ABC subsidiaries.
In a SENS announcement on 1 September, ABC said the three individuals dispute the FSCA’s findings and intend applying to the Financial Services Tribunal for reconsideration and suspension of the decisions.
ABC said that, as at 1 September, no application had been filed and no suspension had been granted. The company was therefore treating the decisions as operative.
Altvest listed on the CTSE in May 2022. It moved its primary listing to the JSE’s Alternative Exchange in October 2024, while maintaining a secondary listing on A2X Markets. In September 2025, it changed its name to Africa Bitcoin Corporation.
Board acts the day after being informed
ABC said its board was informed of the FSCA’s decisions on 30 August 2026. With effect from the following day, Wheatley and Karan were placed on precautionary leave from their roles as CEO and CIO, respectively.
They were also placed on leave from all group executive, management, advisory, operational, and decision-making responsibilities.
The board also suspended the services of Keshwar-Wheatley, ABC’s head of media and investor relations. These services were provided via her consulting business.
The precautionary leave and suspension measures would apply initially for one month, subject to review by the board.
ABC said none of the three individuals would exercise authority on behalf of, or represent, ABC, Altvest Credit Opportunities Fund Limited (ACOF), or the group during the initial suspension period.
ABC described the measures as precautionary and non-disciplinary. It said they did not constitute a determination by the board about the merits of the FSCA’s findings or the individuals’ intended challenges.
In a media release, the company added that the measures did not depend on the outcome of the legal proceedings contemplated by the individuals.
Wheatley resigned from the ABC board with effect from 31 August. He, Karan, and Keshwar-Wheatley also resigned as directors of ACOF, a wholly owned subsidiary of ABC.
Stafford Masie, an existing ABC executive director and its director of Bitcoin strategy, became interim chief executive on 31 August.
He will also oversee the group’s executive arrangements relating to ACOF, although he will not serve as a director of the subsidiary.
ABC described the changes as part of the board’s immediate response to protect the group’s regulatory position and preserve governance and operational continuity.
Operations and strategy will continue
ABC said the FSCA’s decisions did not themselves alter the legal structure of ABC or ACOF, ACOF’s investment mandate, or the rights attached to investments in the group’s securities or funds.
However, the board and its advisers are assessing the regulatory, operational, and financial implications of the decisions and will implement further measures if considered necessary.
ABC said the group remains under the oversight of directors and executives who are not affected by the FSCA’s decisions. It has also sought to reassure stakeholders that its operations and strategy will continue under the interim leadership arrangements.
Chairperson Norma Sephuma said the board recognised the seriousness of the development and its responsibilities to shareholders, investors, funders, clients, employees, and regulatory stakeholders.
She said the relevant board resignations had taken effect, interim leadership arrangements were in place, and responsibilities had been established across the group.
Sephuma said the board would respect the individuals’ intended legal challenge while maintaining an independent and objective position.
Masie said his responsibility was to provide stability, protect what had been built, and maintain the momentum of the business while the individuals exercised their legal rights.
He identified disciplined execution, sound governance, regulatory compliance, and the protection of investor interests as the company’s immediate priorities.
Note: This article was revised and updated on 3 September 2026 after the FSCA issued its media release.
I have been scammed by fsca member
Was it an “FSCA member” or someone impersonating an FSCA member?