Reserve Bank vindicates Ramaphosa in Phala Phala saga

todayAugust 21, 2023 62

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The South African Reserve Bank (SARB) has cleared the President of any wrongdoing in relation to the theft of foreign currency at his Limpopo farm.
The Reserve Bank, which is the latest institution to exonerate the president, launched its investigation in June last year.
The complaints by various organisations and political parties had given rise to the probe.
President Cyril Ramaphosa came under fire after former spy boss Arthur Fraser accused him of using state resources to conceal the theft of millions of dollars at his Limpopo farm in 2020.
The SARB says it was entitled to investigate potential exchange control violations regarding the foreign currency that was allegedly stolen at the farm.
In a statement, the Reserve Bank says it cannot conclude that the Exchange Control Regulations were breached.
“On the facts available to it, the SARB finds that there was no perfected transaction and thus the SARB cannot conclude that there was any contravention of the Exchange Control Regulations (the applicable Regulation is Regulation 6(1)) by Ntaba Nyoni Estates CC (the entity involved) or for that matter by the President.”
They also found that the transaction in question was subject to conditions precedent which were not fulfilled, and therefore there was no legal entitlement on the part of Ntaba Nyoni Estates CC which owns Phala Phala.
The bank says it followed a thorough and intricate process when investigating the controversial matter, including affidavits and interviewing various individuals and parties.
“The initial phase involved a consideration of internal information and databases and the analysis of cross-border foreign exchange transactions over the relevant period. FinSurv also sought and obtained legal advice in relation to its investigation and the process it followed.”
In June,  Acting Public protector, Advocate Kholeka Gcaleka, also let Ramaphosa off the hook, after her office found that there was no evidence indicating that he either works at Phala Phala or received remuneration from the farm.

A number of political heads and members of the public have reacted to the SARB’s findings:



Written by: Lindiwe Mpanza

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