SA Reserve Bank stands by Phala Phala findings
The South African Reserve Bank says it stands by its findings that cleared President Cyril Ramaphosa of wrongdoing in the Phala Phala game farm matter.
Governor Lesetja Kganyago explained to Parliament's Finance Committee on Wednesday how the bank came to this conclusion after its year-long investigation.
He says they found that Ramaphosa and his Ntaba Nyoni Estate were under no legal obligation to declare the foreign currency.
He says because the transaction was never perfected, they were not legally entitled to the $580 000 from Sudanese businessman Hazim Mustafa for 20 buffalo.
READ: Opposition parties demand clarity from SARB on Phala Phala report
The money was stolen before the conditions of the sale could be fulfilled.
"Based on the information available and the fact that the sale was subject to conditions precedent: the transaction was not a perfected transaction which gave rise to a legal entitlement by Ntaba Nyoni Estates CC to the foreign currency.
"The obligation under Regulation 6(1) was not triggered on the part of Ntaba Nyoni Estates CC upon receipt of the foreign currency from Mr Hazim (a non-resident of the Republic).
"Accordingly, on the facts available, the SARB could not conclude that there was a contravention of the Regulation 6(1) by Ntaba Nyoni Estates CC or the president."
