Ex-Miss South Africa leaves Africa Bitcoin Corp after share manipulation sanction

Former Miss South Africa Tatum Keshwar-Wheatley has terminated her media and investor relations consulting services at Africa Bitcoin Corporation – formerly Altvest Capital Limited – following a 20-year debarment and R3 million administrative penalty imposed by the Financial Sector Conduct Authority (FSCA) over alleged share manipulation.

The regulatory action stems from trades executed in September 2022 in shares of Altvest Capital Limited, as the JSE-listed digital asset treasury firm was then known.

According to the FSCA, Keshwar-Wheatley, acting as sole director of Tatum Keshwar Investments, knowingly participated in coordinated conduct to create an artificially inflated price on the Cape Town Stock Exchange. The regulator issued joint and several R3 million penalties against Keshwar-Wheatley and her investment entity under section 80 of the Financial Markets Act.

Financial Services Tribunal appeal under way

Her husband and former chief executive Warren Wheatley, who received a R5 million fine and matching 20-year ban before stepping down, strongly denied intentional wrongdoing.

Wheatley stated the disputed trades involved just 50 Altvest shares worth R301 – including 30 shares valued at R186 traded by Keshwar-Wheatley – during software testing of a dysfunctional brokerage platform.

“Fifty shares. Three hundred and one rand. A fine of millions,” Wheatley noted in an open letter, confirming applications to suspend and reconsider the sanctions before the Financial Services Tribunal.

Africa Bitcoin Corporation suspended Keshwar-Wheatley’s consulting contract as part of precautionary governance measures, while tech veteran Stafford Masie serves as interim chief executive to maintain operational momentum.

Both Keshwar-Wheatley and Wheatley have also resigned as directors of group subsidiary Altvest Credit Opportunities Fund as independent legal proceedings continue.