Governor Lesetja Kganyago released the report on Monday morning, after claims by former spy boss Arthur Fraser that Ramaphosa failed to report the burglary at his farm.
JOHANNESBURG - The South African Reserve Bank has cleared President Cyril Ramaphosa of any wrongdoing in its investigation into the millions of undisclosed foreign currency stolen from his Phala Phala farm in 2020.In it, it says Ramaphosa was found to have not contravened the Exchange Control Regulations.
Ramaphosa has also been accused of possibly being involved in corruption and money laundering by some of his detractors, with Former President Thabo Mbeki, also raising concerns over the optics created by the saga. This has been widely rejected by the opposition, with the African Transformation Movement lodging the original complaint with the public protector, now challenging the report in court.
It was believed Sudanese businessman Hazim Mustafa paid Ramaphosa’s Phala Phala farm manager US$580,000 in cash to purchase buffalo, which to date he never collected nor received.
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| Reserve Bank finds Phala Phala was not 'legally entitled' to buffalo dollarsThe South African Reserve Bank (SARB) has found that President Cyril Ramaphosa's Ntaba Nyoni Estate, that owns the Phala Phala game farm, was not 'legally entitled' to the $580 000 it received from Sudanese businessman Hazim Mustafa for 20 buffalo
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