The South African Reserve Bank says that neither president Cyril Ramaphosa nor his Phala Phala farm violated any exchange controls.
The South African Reserve Bank has found that no exchange control laws were violated in the reported ‘transaction’ between president Cyril Ramaphosa’s Phala Phala farm and a Sudanese businessman for 20 buffalo.
Questions have surrounded the source of the money since the scandal broke, with the president claiming in 2022 that it came from a typical sale on the farm, where Sudanese businessman Hazim Mustafa purchased 20 buffalo. In its findings, the central bank concluded that the transaction in question was “subject to conditions precedent which were not fulfilled”. More plainly, the buffalo purchased with the money were never delivered – thus the Phala Phala farm was not entitled to the money in the first place and didn’t meet the conditions necessary to declare it.
The Financial Surveillance Department of the SARB conducted its investigation in two phases. The initial phase involved a consideration of internal information and databases and the analysis of cross border foreign exchange transactions over the relevant period. Based on the information, documentation and evidence received and considered as part of the investigation, the legal framework applicable to exchange controls, the mandate of the SARB and FinSurv and legal advice, the SARB then finalised its investigation and report in this matter.
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