Cape Town – Opposition parties have criticised the findings of the South African Reserve Bank (SARB) following its year-long investigation into the “Phala Phala matter”, which involved allegations of wrongdoing by President Cyril Ramaphosa.
The investigation was prompted by allegations made by Arthur Fraser, former head of correctional services, regarding the theft of undeclared foreign currency from Ramaphosa’s private game farm.
The SARB’s report cleared Ramaphosa of flouting foreign exchange control laws.
Opposition parties, including the Democratic Alliance (DA), Economic Freedom Fighters (EFF), and Freedom Front Plus (FF Plus), have raised concerns about the transparency and accountability of the investigation.
According to Times Live, the DA criticised the focus of the investigation, suggesting that certain suspicious circumstances were not adequately addressed.
“This statement by the Reserve Bank raises questions about transparency and accountability,” the report quoted the DA as saying.
#SARB clears Ramaphosa on #PhalaPhalaFarmGate but cannot release the entire report because of legislative constraints. pic.twitter.com/8BJ9sVsfDi
— Sebenzile Nkambule (@SebeNkambule) August 21, 2023
It 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 investigation,” the DA said.
“The narrow focus of its investigation also raises concerns about its thoroughness and whether political considerations arose.”
The EFF rejected the findings, maintaining that Ramaphosa used his farming business as a front for money laundering. They also pointed out that foreign currency had entered South Africa unlawfully, and Ramaphosa was in possession of such currency beyond the allowed timeframe.
“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,” said the EFF.
Bantu Holomisa of the United Democratic Movement (UDM) also dismissed the report, suggesting that it appeared the central bank was attempting to conceal any wrongdoing on the part of the president, EWN reported.
“The so-called independent reserve bank is nothing else but part of the National Treasury. I don’t think we’ll ever get to the bottom of this.”
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Compiled by Betha Madhomu
