SA Reserve Bank clears President Ramaphosa of any wrong doing in Phala Phala

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President Matamela Ramaphosa is off the hook once again. This time around he was cleared of any wrong doing by the South African Reserve Bank regarding alleged Phala Phala farm theft and/burglary.

The Reserve Bank released the statement earlier today where they also said that  they are going go keep the report private, citing legislative constraints.

This is many call for the report to be made public and open for scrutiny.

The major push for the investigation revolved around potential violations of the Exchange Control Regulations of 1961, specifically concerning foreign currency.

It was alleged that foreign currency amounting to US$580 000 [R 11million] was stolen in a couch at the said farm.

The SARB said in their statement that it has found that there was no ‘perfected transaction’ and, as such, cannot conclude that there was any breach of the Exchange Control Regulations by Ntaba Nyoni Estates CC – the entity involved – or even the president.