Industry experts say President Cyril Ramaphosa has to explain why he was allegedly hoarding 4 million US dollars at his Limpopo Phala Phala farm more than two years ago.
Former State Security Agency DG Arthur Fraser has opened criminal charges against the president at the Rosebank Police Station in Johannesburg.
The charges emanate from the alleged theft of the cash in February 2020 by thieves allegedly colluding with a domestic worker.
Some financial experts say the president has a lot of explaining to do to SARS and the police about why the cash was allegedly at the farm and where the funds came from.
Ramaphosa’s spokesperson, Vincent Magwenya has confirmed the robbery and says the funds were from proceeds from the sale of game.
CEO of Rich Management, Aly Khan Satchu explains.
“With respect to if any law has been broken, there are no laws, and this is not governed by investment abroad, it’s not governed by travel allowance. The issue is where is the origin of this 4 million dollars. And the president has to explain where those funds have come from. There could be a perfectly legitimate reason given the size and the president’s personal fortune. 4 million dollars in the context of his net worth is not unusual.”
Reaction to the Ramaphosa, Fraser matter with Dr Metji Makgoba:
