Africa Bitcoin Corporation (ABC), the Johannesburg Stock Exchange-listed bitcoin treasury company, has been left with two directors after four board members, including interim chief executive Stafford Masie, resigned amid a dispute with majority shareholders over board appointments.
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The resignations of chair Norma Sephuma and independent directors Snowy Masakale and GG Alcock followed demands from WGW Capital and other shareholders, who hold approximately 71.8% of the company’s ordinary shares, to remove the four directors. Masie will remain interim CEO until his planned departure on February 28 2027.
The boardroom dispute follows regulatory action by South Africa’s Financial Sector Conduct Authority (FSCA) which fined former CEO, Warren Wheatley, and debarred him for 20 years over findings of share-price manipulation.
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Wheatley has disputed the findings saying the transactions involved testing a faulty trading platform rather than an attempt to manipulate the share price.
Wheatley subsequently resigned as CEO while former Chief Investment Officer, Akshay Karan, and Tatum Keshwar-Wheatley also left their respective roles following regulatory sanctions.
The remaining directors are independent non-executive director, Robin Coode, and financial director, Jonathan Phillips. ABC said they were working with advisers to restore the board’s composition in line with statutory, regulatory, and listing requirements.
A separate shareholder demand to appoint two additional non-executive directors remains in place. The proposed appointments are intended to strengthen the company’s legal, regulatory, and investment expertise following the departures of senior executives.
ABC’s executive management team remains in place and will continue overseeing day-to-day operations, the company said.
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