Reserve Bank Phala Phala findings don’t exonerate Ramaphosa: UDM

Reading Time: 2 minutes

United Democratic Movement (UDM) leader Bantu Holomisa says the Phala Phala Report by the South African Reserve Bank (SARB), which has cleared President Cyril Ramaphosa of any wrongdoing in its investigation, doesn’t exonerate Ramaphosa.

The Central Bank says it finds that there was no perfected transaction, and it could not conclude that there was any contravention of the Exchange Control Regulations by Ntaba Nyoni Estates or by the President.

Holomisa says they utterly reject the report.

“No, it’s not exonerating the president because they are still failing to table the report…this is part and parcel of what the ANC did in Parliament, refusing us to read the report of Judge Ngcobo. The Reserve Bank went on to contradict the president who confirmed the transaction and also told the world that the dollars were stolen in his farm, yet the Reserve Bank says that money doesn’t belong to the president. This is a joke; we reject that statement.”

Judicial review 

Holomisa says plans of applying for a judicial review on the report are on the cards.

The Economic Freedom Fighters (EFF) and the African Transformation Movement (ATM) have also rejected the SARB findings.

The EFF labelled the report as an abuse of the SARB to exonerate the president, while the ATM said it is now convinced that Ramaphosa is being protected.

Much to be desired 

Meanwhile, political analyst Khaya Sithole says the SARB findings leave much to be desired. Sithole says the statement of the Reserve Bank has left South Africans even more confused.

“The statement itself is surprising in the sense that it fails to appreciate the gravity of the public interest dimension in this matter. What we’ve seen is essentially the Reserve Bank publishing a statement that says ‘Look, we’ve conducted an investigation and we’ve decided that the details of the probe must not be published, but you guys must just find peace and comfort with this conclusion that says that nothing went wrong’. The basis for the conclusion is equally controversial.”

Sithole elaborates in the video below: