Opposition parties demand clarity from SARB on Phala Phala report
A South African Reserve
Bank report that cleared President Cyril Ramaphosa of wrongdoing in the Phala
Phala matter has been met with mixed reaction from political parties.
The central bank said on Monday, that after a year-long investigation, it cannot conclude that President Cyril Ramaphosa and his Ntaba Nyoni Estate flouted foreign-exchange control laws.
The report says they were under no legal obligation to declare the foreign currency stolen from the president's private game farm in 2020.
The estate owns Phala Phala.
The bank began its probe after allegations of bribery and money laundering made by former correctional services boss Arthur Fraser and complaints by political parties.
The ANC has welcomed the report and says it hopes it'll bring an end to baseless accusations against the president.
The EFF has been scathing in its criticism, saying the report's an attempt by the bank to avoid carrying out its mandate to hold Ramaphosa accountable.
The African Transformation Movement's Zama Ntshona agreed with the red berets.
"When you say the transaction was not perfected, what do you mean? Because you already have an individual who claims that the transaction was completed with an entity which already claims that there was compliance. It does not make sense that this finding would be the case. The South African Reserve Bank must explain to us what happened."
The DA's Shadow Minister of Finance Dion George has also called for more clarity.
"What is being missed is the fact that dollars were held in furniture for an extended period of time and that time was outside the legislative limit, which means it would've been a contravention."
