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Reserve Bank clears Ramaphosa on Phala Phala farm saga

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The South African Reserve Bank (SARB) has cleared President Cyril Ramaphosa of any wrong doing in its investigation into undisclosed foreign currency stolen from his Phala Phala farm in 2020.

In a statement, the Reserve Bank says due to legislative requirements and constraints, the report into the matter is private and internal, and will not be made available to the public.

Governor Lesetja Kganyago released the report via the bank’s website on Monday morning.

Based on the information, documentation, and evidence collected during the investigation, the SARB has concluded that there was no perfected transaction. Consequently, the SARB cannot establish that there was any violation of the Exchange Control Regulations (specifically, Regulation 6(1)) by Ntaba Nyoni Estates CC, the entity involved, or the President. The SARB’s determination stems from its belief that the transaction in question was subject to unfulfilled conditions precedent, leading to no legal entitlement for Ntaba Nyoni Estates CC to the foreign currency as stipulated in Regulation 6(1).

SARB says the Governor will, within the boundaries of applicable legal constraints, provide feedback to Parliament during the SARB’s upcoming engagement with the legislative body.

Acting PP, Advocate Kholeka Gcaleka on the Phala Phala farm saga report:

In June Acting Public Protector Advocate Kholeka Gcaleka stated that President Cyril Ramaphosa was innocent of any wrongdoing with regards to the Phala Phala scandal.

The statement by the Public Protector had mixed reactions. Some opposition parties expressed outrage, calling her report a whitewash that was not worth the paper it’s written on; while others welcomed it.

Gcaleka announced that her office’s investigation cleared President Ramaphosa on several issues including undertaking paid work. Gcaleka said this was a complete probe which left no stone unturned.

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