EFF and ATM reject SA Reserve Bank report on Phala Phala investigation

Reading Time: 2 minutes

The Economic Freedom Fighters has rejected the South African Reserve Bank findings on the Phala Phala report clearing President Cyril Ramaphosa of any wrongdoing in the saga. The party has called it an abuse of the SARB to exonerate the president. 

The African Transformation Movement says it is now convinced that President Cyril Ramaphosa is being protected after the Reserve Bank’s report that has cleared Ramaphosa of wrongdoing in the Phala Phala saga.  

The Reserve Bank says there was no “perfected” or completed Phala Phala transaction for 20 Buffalo. So, it cannot conclude that there was any contravention of the Exchange Control Regulation by President Cyril Ramaphosa.  

This is the second report to clear Ramaphosa on the matter, after the Public Protector’s findings.  

ATM Spokesperson Zama Ntshona says they reject the central bank’s findings.

“He said when he was addressing the Limpopo conference that the money in those couches is mine, I am a farmer, I did not steal it from the taxpayers’ money. He said it was his because the transaction was done fully. SARS said the transaction and also the entity were in compliance with the tax laws of this country, especially when comes to the issue of this transaction. So, how do you pay tax on something that does not belong to you? Now, what is this thing that there was not a perfected transaction? What is this thing? Ramaphosa is protected.” 

SARB clears Ramaphosa of any wrongdoing on Phala Phala saga: Alude Xuba weighs in