Following two extensive reviews resulting from allegations of corruption made in June 2014 against the former Chief Financial Officer of the Financial Services Board (FSB), Mr Dawood Seedat, the FSB is pleased to confirm that there has been no evidence of a breakdown of internal controls within the organisation.
Mr Seedat resigned and immediately left the employ of the FSB following news of the allegations, which were made against him in his personal capacity.
The FSB auditors launched a comprehensive review to determine whether Mr Seedat may have performed his role at the FSB in any way that breached the integrity of his position. The FSB review included detailed internal enquiries into the performance and functions of the former CFO. The auditors were requested to revisit and review their previous findings during this period to establish whether the findings were influenced in any particular way by the former CFO.
No irregularities were uncovered on completion of the internal and external audits and there was no evidence of any breakdown of internal controls. The Auditor-General, who performed the external audit, has issued an unqualified audit report on the financial statements of the FSB for the year ended 31 March 2014.
The management of the FSB is confident that neither it, nor any of the entities it regulates, has suffered as a result of any actions of Mr Seedat.
The FSB is committed to ensuring that the organisation and its employees are held to the highest ethical standards and to following a zero tolerance approach towards matters of corruption.
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