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Tatum Keshwar’s husband and former Africa Bitcoin Corporation CEO Warren Wheatley fights R5 million fine and 20-year ban
Former Africa Bitcoin Corporation CEO says he will challenge 20-year debarment
Former Africa Bitcoin Corporation (ABC) chief executive Warren Wheatley has broken his silence over the Financial Sector Conduct Authority’s (FSCA) decision to impose a R5 million administrative penalty and debar him from the financial services industry for 20 years.
Wheatley says the regulatory action relates to three trades involving 50 Altvest shares in September 2022, which he says had a combined value of just R301.
He has rejected the FSCA’s findings and says he intends asking the Financial Services Tribunal to reconsider the decision, while seeking a suspension of the sanction pending the outcome of that process.
Wheatley gives his version
In an open letter issued after his resignation from ABC, Wheatley said the transactions happened while he was testing a stockbroker trading platform.
“At the time, I was testing a stockbroker trading platform that had historically not functioned correctly,” he said.
According to Wheatley, three trades involving a combined 50 shares were executed during the testing, with the total sale price amounting to R301.
“That was the total sale price received, and I have not since sold shares in the company,” he said.
Wheatley maintains that the events date back four years and disputes the regulator’s findings.
“On 28 August 2026, the FSCA debarred me and imposed a R5 million administrative penalty for conduct relating to orders and trades in Altvest shares in September 2022,” he said.
“I will apply to the Financial Services Tribunal to reconsider the decision of the FSCA and for the sanction to be suspended while the reconsideration is dealt with.”
What the FSCA found
The FSCA’s action is based on findings relating to trading in Altvest shares, the company that was later renamed Africa Bitcoin Corporation.
The regulator said Wheatley, his wife Tatum Keshwar-Wheatley and Altvest’s chief investment officer Akshay Karan acted in concert between 5 and 8 September 2022.
According to the FSCA, the conduct created, or was likely to create, artificial trading activity and an artificial price in Altvest shares, as well as a misleading impression of demand, supply or trading activity.
The FSCA found that Wheatley knowingly participated in a practice that created, or was likely to create, artificial trading activity and an artificial price in the shares.
Keshwar-Wheatley and Karan were also sanctioned by the regulator.
Keshwar-Wheatley received a R3 million administrative penalty, while Karan was fined R1 million. All three were debarred for 20 years.
The FSCA’s findings concern conduct dating back to September 2022, when Altvest was listed on the Cape Town Stock Exchange.
Wheatley resigns from ABC
The regulatory action has also resulted in Wheatley stepping down from ABC.
He had been placed on precautionary leave following the FSCA decision before formally resigning as CEO and an employee of the company.
Technology entrepreneur Stafford Masie is serving as interim CEO while the board moves ahead with the process of appointing a permanent successor.
Wheatley said leaving a company he helped establish was difficult.
“Stepping away from the company is deeply difficult,” he said.
“I, with many others, built this company from the ground up.”
He said the company had been built during the Covid-19 pandemic with the founders’ own capital and significant personal commitment.
Wheatley stressed that his resignation was not an admission of wrongdoing.
“My resignation is voluntary and without any admission of wrongdoing, and without giving up my rights before the Financial Services Tribunal,” he said.
He added that the company needed active leadership while his legal challenge could take time.
“The company cannot wait for that process to be finalised,” Wheatley said.
ABC separates company from regulatory proceedings
ABC has said the FSCA’s findings, penalties and debarment orders do not apply to the company or its subsidiaries.
The company has also said Wheatley’s reconsideration application and related proceedings before the Financial Services Tribunal are personal to him and will continue independently of ABC.
The Financial Services Tribunal is empowered under the Financial Sector Regulation Act to reconsider decisions made by relevant financial-sector decision-makers when an aggrieved party applies for reconsideration.
From Altvest to Africa Bitcoin Corporation
The dispute comes as ABC has undergone a significant transformation.
The company, formerly known as Altvest Capital, listed on the Cape Town Stock Exchange in 2022 before transferring its primary listing to the JSE’s AltX in 2024.
In 2025, it adopted the Africa Bitcoin Corporation name and later moved from AltX to the JSE Main Board in May 2026.
The JSE describes ABC as a financial services group combining a Bitcoin treasury strategy with a pan-African private credit platform supporting small and medium-sized enterprises.
Wheatley was CEO when the company made the move to the JSE Main Board, describing the transition at the time as a significant step for the business and its access to institutional capital.
His departure now leaves Masie to oversee the company while Wheatley pursues his challenge against the FSCA’s decision.
For now, the regulator’s findings remain in place, while Wheatley maintains that the transactions at the centre of the case were part of platform testing and that he did not commit the conduct alleged by the FSCA.
Economy
Kaya 959 turns up the heat as Chefs & Chenin talent cooks live on air
Kaya 959 is bringing the flavours of the inaugural Chefs & Chenin Festival to its listeners, with some of the chefs taking over the station for a live cooking experience ahead of the two-day culinary celebration.
Chef Mahalia Jackson, Jacques Venter, Chef Tebogo Morgan and Saviour Moyo will be showcasing their culinary skills on air, giving listeners a taste of what they can expect when Chefs & Chenin takes place at Crawford International Sandton College on 26 and 27 September 2026.
The festival is presented in partnership with Kaya 959 and celebrates two distinctly South African passions – cooking over fire and Chenin Blanc.
Bringing the festival to Kaya 959
The live cooking sessions give Kaya 959 listeners an opportunity to get closer to the chefs and the food that will form part of the festival experience.
Rather than simply talking about what is coming, the chefs are putting their skills on display in the Kaya 959 studio, building anticipation for a weekend where food will be cooked over open flames and paired with South Africa’s much-loved Chenin Blanc.
The festival is designed as a celebration of food, wine, music and local creativity, with a Harvest Market, live entertainment, kids’ activities and an art exhibition also forming part of the programme.
Meet the chefs
Chef Mahalia Jackson brings more than three decades of experience in the culinary industry to the line-up. She is an executive chef, entrepreneur and published author, and has been the managing director of Added Touch Catering & Events since 2005.
Her career has included major corporate events and high-profile gatherings, with Jackson also having served guests including former presidents Nelson Mandela and Thabo Mbeki and international diplomats. She is also the author of Dare to Dream, a recipe book and memoir which won an African Authors Award in the Food Category.
Jacques Venter has built a career across different parts of Johannesburg’s culinary scene. According to his Chefs & Chenin profile, he began his career in 2003 as a commis chef at The Castle Kyalami before progressing to sous chef.
His experience has included fine dining at Roots restaurant at Forum Homini, work at Coco C in Bloemfontein and a stint at the Radisson Blu Sandton, where he worked his way up to executive sous chef. Since 2019, he has been part of the Pick n Pay group as a food specialist at Pick n Pay on Nicol and Thyme restaurant.
Chef Tebogo Morgan, the chef behind CRAVINGS, Gourmet Rainbow Cuisine, brings a fusion approach to the festival. Born in Mthatha and raised in Johannesburg, Morgan trained through the International Chef Management Diploma at Capsicum Culinary Studio in Cape Town.
His culinary style, which he describes as “Fire & Fusion”, brings together Asian and Mediterranean influences with open-fire cooking.
Saviour Moyo, who is also associated with Saint Restaurant Sandton, rounds out the group of chefs appearing as part of the Kaya 959 activation.
More than just food
Chefs & Chenin is being positioned as an experience rather than a conventional food festival.
General access tickets include a tasting meal at a pop-up restaurant of the guest’s choice, where chefs will showcase their food through live-fire cooking. There will also be curated Chenin Blanc tastings, alongside the Harvest Market, live music and entertainment for children.
The festival’s focus on open-fire cooking also taps into a familiar South African food tradition, while the Chenin Blanc element highlights one of the country’s most important wine varieties.
With Kaya 959 providing the radio platform and the chefs bringing the food to life on air, the build-up is giving audiences a preview of what awaits at Crawford International Sandton College.
Chefs & Chenin takes place on 26 and 27 September 2026. Tickets are available through Webtickets.
