Cape Town – South African Reserve Bank governor Lesetja Kganyago has provided a defence of the bank’s investigation into the case involving Phala Phala.
The investigation looked into an incident where $580 000 in cash was given to a lodge manager in 2020 and was stolen from President Cyril Ramaphosa’s private residence at the game farm.
Kganyago informed Members of Parliament that the investigation determined the money was a “security deposit” for a buffalo purchase and not a final payment.
“Mr Hazim (Mustafa) left money at Phala Phala as a security deposit to secure the buffalo,” Kganyago told Parliament’s Standing Committee on Finance, according to News24.
He said that the investigation found no evidence of wrongdoing by President Ramaphosa or Ntaba Nyoni Estates, which operates Phala Phala.
The investigation concluded that there was no obligation for the wildlife estate to report the foreign currency to authorities within 30 days, and there was no definitive agreement for the sale of the buffalo.
Governor Lesetja Kganyago says according to their findings, Hazim Mustafa gave #PhalaPhalaFarm manager Sylvester Ndlovu $580 000 as a security deposit for 20 buffalos. It was discovered in February 2020 that the money was stolen from a couch at President Cyril Ramaphosa’s house. pic.twitter.com/IoyODM5R2K
— Newzroom Afrika (@Newzroom405) August 30, 2023
The governor maintained that the bank’s investigation was limited to examining whether exchange control regulations were violated and that the bank was cautious not to exceed its mandate.
He deflected questions about how the stolen funds entered the country, asserting that the bank wasn’t responsible for entry ports.
It was the first time the governor appeared before MPs since the conclusion of the investigation.
Despite Kganyago saying the probe could not find any evidence against Ramaphosa, members from various political parties remained unconvinced by the findings.
The Economic Freedom Fighters’ (EFF’s) Floyd Shivambu dismissed the report, alleging crimes at Phala Phala and suggesting a cover-up that began with the acting Public Protector and the South African Revenue Services (SARS).
“And there seems to be now a systematic and systemic cover-up which started with the acting Public Protector and the South African Revenue Services (SARS),” EWN quoted Shivambu as saying.
The United Democratic Movement (UDM) MP Nqabayomzi Kwankwa criticised the investigation as a whitewash and called for access to the report.
“What seems to be happening here there’s no need to ask questions, this whole thing is a whitewash. It’s a cover-up,” he said.
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Compiled by Betha Madhomu
