SARB to report to Parly in seven days over possible violation of foreign currency regulations

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Parliament’s Standing Committee on Finance has agreed that the South African Reserve Bank (SARB) will report back in seven days on matters regarding the possible violation of foreign currency regulations.

This, as Economic Freedom Fighters (EFF) Chief whip, Floyd Shivambu insisted that answers be provided around the foreign currency allegedly stolen from President Cyril Ramaphosa’s Phala Phala farm.

Former State Security Agency Director-General Arthur Fraser, earlier this year, laid a complaint against Ramaphosa claiming he had tried to cover up the theft of US dollar from the farm.

The video below is reporting on the charges:

Several political parties, like the EFF, have since written to the SARB for confirmation of whether the foreign currency was declared.

Committee Chairperson, Joe Maswanganyi, says Parliament will communicate with the SARB.

“You have raised this matter and suggesting they respond in seven days, if [there are] challenges they will indicate. They are still dealing with those issues,” adds Maswanganyi.

But Shivambu insisted on getting answers from the SARB regarding the possible violation of foreign currency regulations.

Shivambu says a letter they have received from the SARB, indicating that no comment is available now, is not sufficient.

“Did you do anything about a prima facie violation of foreign currency regulations? We are not asking for a comment. We are asking for accountability. No matter how you feel personally, or you want to protect a sitting president or not, you have [an] obligation to respond to parliament truthfully. Are you doing something or not?” adds Shivambu.

SARB Governor, Lesetja Kganyago, says they do not comment on investigations regarding possible foreign exchange regulations, because it could harm the case.

Kganyago said answers can only be provided once their investigation is completed.

“Once we get report of possible violation of foreign exchange regulation, we engage with party [involved person], and it is [our] practice that we don’t comment [on ongoing investigations]. Because [we] don’t want to undermine [the] investigation.”

“[I] can [not] get into detail of investigation of what we are doing, [that] would undermine [the] investigation we are doing,” adds Kganyago.

The video below is reporting that political parties in parliament intensify efforts in Phala Phala farm issue: