Defend Truth


‘Gold Mafia’ kingpin Mo Khan’s Salt Asset Management prevented from doing further business

‘Gold Mafia’ kingpin Mo Khan’s Salt Asset Management prevented from doing further business
Mohamed "Mo Dollars" Khan. (Photo: Aljazeera)

The Financial Sector Conduct Authority has clamped down on yet another provider, just one day after releasing an annual regulatory report showing the strength of its clout.

Salt Asset Management’s operating licence was provisionally withdrawn by the FSCA yesterday, effectively preventing the company from conducting any further business in the financial services sector, including financial services to clients or on behalf of any financial product provider.  

A statement from the Financial Sector Conduct Authority (FSCA) says the decision follows adverse findings following an FSCA site inspection between 29 November 2022 and 1 December 2022. During the inspection, the FSCA noted several contraventions of the Financial Intelligence Centre Act, in addition to previous contraventions during its ongoing supervision of Salt.  

The regulator also noted that it is aware of recent media reports suggesting the potential involvement of Salt Asset Management in certain money laundering and associated activities. 

“These allegations are viewed in a very serious light and are currently being considered by the FSCA,” the statement notes.

The media reports referred to include a recent “Gold Mafia” exposé by Al Jazeera, detailing the extent of money laundering scams in Zimbabwe and South Africa, which include dubious dealings by Gold Leaf Tobacco

The Al Jazeera report fingers Mohamed Khan, also known as “Mo Dollars”, as the money laundering kingpin, working for (among others) tobacco magnate Simon Rudland of Gold Leaf Tobacco.  

Khan is also the head of Salt Asset Management and the PKSA Group. BM/DM


Comments - Please in order to comment.

  • Khutso Nkadimeng says:

    Obviously the FSCA is withdrawing the license of SALT asset management because of the stellar work of Al Jazeera & not their visit 5 months ago. If the former inspection were the reason they would have done this early in January not 5 months later after the Gold Mafia scandalous expose! FSCA may have been planning to be complicit with their findings.

Please peer review 3 community comments before your comment can be posted


This article is free to read.

Sign up for free or sign in to continue reading.

Unlike our competitors, we don’t force you to pay to read the news but we do need your email address to make your experience better.

Nearly there! Create a password to finish signing up with us:

Please enter your password or get a sign in link if you’ve forgotten

Open Sesame! Thanks for signing up.

A South African Hero: You

There’s a 99.8% chance that this isn’t for you. Only 0.2% of our readers have responded to this call for action.

Those 0.2% of our readers are our hidden heroes, who are fuelling our work and impacting the lives of every South African in doing so. They’re the people who contribute to keep Daily Maverick free for all, including you.

The equation is quite simple: the more members we have, the more reporting and investigations we can do, and the greater the impact on the country.

Be part of that 0.2%. Be a Maverick. Be a Maverick Insider.

Support Daily Maverick→
Payment options