Report on Phala Phala ‘flimsy’, FF+ and DA reject SARB outcome

Opposition parties and experts have rejected the South African Reserve Bank (Sarb) report on the Phala Phala investigation, clearing President Cyril Ramaphosa of any wrongdoing.

Ramaphosa is at the centre of a scandal involving a seemingly unreported theft of a large sum of cash from his Phala Phala game farm in February 2020.

The Freedom Front Plus was one of the first parties to renounce the Sarb report.

It said it would seek legal advice regarding taking the matter to court. Freedom Front Leader Dr Pieter Groenewald said Ramaphosa owes the public an explanation.

“The report and the findings of the SA Reserve Bank relating to the events on Ramaphosa’s game farm raise more questions than they provide answers about the matter,” he said. Groenewald said the Sarb’s findings raised the question of how the dollars ended up on the farm if there is no evidence of any transaction.

“This surely is proof the foreign currency ended up on the farm in an illicit manner.”

Democratic Alliance shadow minister of finance Dr Dion George said: “We will pose additional questions to the Sarb when they appear before the standing committee on finance on 30 August and we will be writing to the governor of Sarb to request further details and a copy of the report.”

George said Sarb’s statement raised questions about transparency and accountability.

“The Sarb states that Ntaba Nyoni Estates, or Ramaphosa, violated foreign exchange control laws. The bank has not released the full report,” he said.

George said the suspicious circumstance of the money being stuffed into the president’s couch, and the possibility the cash held was beyond the legislated limit seem to have been beyond the scope of the Sarb’s investigation.

Economist Dawie Roodt said the Sarb’s finding was flimsy. He said because of SA’s forex exchange control regulations, South Africans are not allowed to have foreign money.

“The Sarb ruled he wasn’t the owner of the money. Because he was not the owner he didn’t break any laws,” he said.

“They are wrong. How does Ramaphosa end up with (so much foreign currency) in his couch and he didn’t fill in a form to declare it?”