Reserve Bank vindicates Ramaphosa in Phala Phala saga

August 21, 2023 81

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:

If moonsonery (msunery) pact was an entity, @SAReserveBank best fit that character….. Come 2024, we shall remove the puppets of Capital, all of them from the board and management of Reserve Bank….. #bootlickers pic.twitter.com/nYoBaRpNl6

— Godrich Gardee (@GardeeGodrich) August 21, 2023

#Phalaphala saga. Fence seater findings by Reserve Bank . “Not perfected transaction”. What is a perfected transaction ? Who must account for the “not perfected transaction “. pic.twitter.com/Ml6fh5jcdu

— Bantu Holomisa (@BantuHolomisa) August 21, 2023

For now Ramaphosa has the Courts, Reserve Bank (SARB) and SARS. What I know is that he's not going to be a President forever, his day is coming#PhalaPhalaFarmGate pic.twitter.com/NfKyRhu6PJ

— Battalion 54 (@54Battalion) August 21, 2023

#PhalaPhalaFarmGate
This Reserve Bank “finding” is no different from: “He slipped on a piece of soap in the shower & died”!
A load of undisguised drivel! It is possession of undeclared foreign currency for so long that’s the issue. And you call SA a constitutional democracy🙈 pic.twitter.com/MvRZwtug69

— JudgeJohnDeed (@vngalwana) August 21, 2023

This is great news. The Reserve Bank has confirmed that it is legal to hold foreign currency if no transaction has been 'perfected', without declaration. Goodbye to the last of the exchange controls 😀😀😀😀😀 https://t.co/YDxU6WaPhb

— Ray Hartley (@hartleyr) August 21, 2023

The Reserve Bank is part of the Thuma Mina faction, covering up crime in foreign currency smuggling. With partners in crime, @sarstax and @PublicProtector office. Sies. @SAReserveBank pic.twitter.com/oS9yTq36LI

— Mr G (@SeanGoss666) August 21, 2023

Written by: Lindiwe Mpanza

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