APA-Pretoria (South Africa) President Cyril Ramaphosa has been cleared of “any wrong doing” in an investigation the Reserve Bank of South Africa (SARB) carried out into the undeclared foreign currency from his Phala Phala in Limpopo province farm three years ago, SARB governor Lesetja Kganyago has said.
Based on the information, documentation, and evidence collected during the probe, the apex bank had concluded that there was no “perfected transaction,” the governor said in a statement on Monday.
As a result of this, the SARB could not establish that there was any violation of the Exchange Control Regulations (specifically Regulation 6(1)) by Ntaba Nyoni Estates CC, the entity involved, or the president himself, Kganyago said.
The SARB’s determination stemmed from its belief that the transaction in question was subject “to unfulfilled conditions precedent, leading to no legal entitlement for Ntaba Nyoni Estates CC to the foreign currency” as stipulated in the cited law, he said.
Due to legislative requirements and constraints, the report into the matter was private and internal – and would not be made available to the public, according to the governor.
Kganyago said he would, within the boundaries of applicable legal constraints, provide feedback to Parliament during the SARB’s upcoming engagement with the legislative body in Cape Town.
The bank has since released the report on its website.
In February 2020, some robbers tipped off by one of Ramaphosa’s farmworkers, raided the farm and stole thousands of US dollars hidden in sofa sets.
The robbery came to light following disclosure by one of the security agents years later who reported the incident to the police for action.
NM/jn/APA