Johannesburg – The South African Reserve Bank (SARB) report clearing President Cyril Ramaphosa of any wrongdoing regarding the foreign currency stolen from his Phala Phala farm has prompted different responses from political parties.
The African National Congress (ANC) said: “The determination by the SARB that President Cyril Ramaphosa did not violate any Exchange Control Regulations is unambiguous and definitive”.
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The ANC expressed “its satisfaction with this conclusion and anticipates that all baseless accusations will be dispelled”.
The governing party said the “process followed with subsequent findings by the Reserve Bank vindicates our view that South Africa is a robust democracy with resilient oversight and regulatory institutions”.
However, opposition parties issued statements protesting against the findings and suggested that the SARB had whitewashed the matter.
While noting that findings of the investigation effectively exonerate President Ramaphosa of any “technical wrongdoing” within the scope of its inquiry, the Democratic Alliance (DA) said: “It will not let this matter rest”.
The DA added: “The suspicious circumstance of the money being stuffed into the President’s couch, and the possibility that cash was held beyond a legislated limit, seem to have been beyond the scope of the Reserve Bank’s investigation.
“The narrow focus of its investigation also raises concerns about its thoroughness and whether any political considerations arose.”
The DA said it will be posing additional questions to the SARB when they appear before the Standing Committee on Finance on the 30th of August.
“We will be writing to the Governor of the Reserve Bank to request further details and a copy of the report,” the DA said.
“South Africans need to know what actually happened at Phala Phala and that includes knowing whether the President broke any financial law he is entrusted to uphold.”
The DA said it was vital for “our democracy and the financial stability of South Africa, especially considering our recent greylisting by FATF, that the Reserve Bank conducts its investigations with the utmost care and without any fear, favour or prejudice”.
The Economic Freedom Fighters (EFF) said it “notes and rejects, with contempt, the South African Reserve Bank (SARB) report on the Phala Phala investigation that seeks to exonerate Cyril Ramaphosa from financial crimes that breach foreign exchange laws”.
The EFF added: “In their pathetic and poor attempt to cleanse Ramaphosa of the Phala Phala crimes, the SARB has unwittingly confirmed our suspicions that there was never a transaction or intention to have a legal transaction.
“Instead, the intention was to launder money through Phala Phala, as we have consistently maintained that Ramaphosa uses his farming business as a front for money laundering.”
The EFF said the SARB investigation came after the party demanded an investigation.
“We were aware that within the current climate, there was always a high possibility that there would be abuse of the SARB to exonerate Ramaphosa.”
The EFF added: “This report is, therefore, a poor attempt by the SARB to avoid carrying out their mandate and ensure that Ramaphosa is not held accountable for contravening foreign exchange regulations”.
The EFF said it will seek legal advice to consider taking the matter to court to “force the SARB to do its job and not undermine foreign exchange laws”.
The African Transformation Movement (ATM) said it “vehemently rejects the recent findings that President Cyril Ramaphosa and Ntaba Nyoni did not violate regulations pertaining to the acceptance of foreign currency and the subsequent failure to inform the Reserve Bank”.
The ATM added: “It is our firm belief that the evidence strongly suggests otherwise.
“The facts are that the President’s foreign currency which he received from the sale of game in 2019, was in the country illegally”.
