Original Source: EWN
The central bank cleared President Cyril Ramaphosa of any wrongdoing relating to the theft of millions of undeclared foreign currency on his farm in 2020, finding he was not obligated to declare the currency under the exchange control regulations.
Phala Phala. Picture: Abigail Javier/Eyewitness News
Gladys Mutele | 22 August 2023 07:23
JOHANNESBURG – The South African Council of Churches (SACC) added its voice to the South African Reserve Bank’s (Sarb) investigation into the Phala Phala farm saga, saying its statement was confusing and left more questions than answers.
Sarb cleared President Cyril Ramaphosa of any wrongdoing related to the theft of millions of undeclared foreign currency on his farm in 2020.
READ: Phala Phala saga: EFF, UDM, Cope reject Sarb’s absolution of Ramaphosa
The central bank found there that was no legal obligation on the president to declare the currency under the exchange control regulations.
It concluded that because there was no completed transaction in the sale of buffalo, there was no contravention by Ramaphosa and Ntaba Nyoni Estate, which runs Phala Phala.