SARB report clears Ramaphosa on the Phala Phala Farm Dollars-in-furniture saga

Johnathan Paoli 

The South African Reserve Bank (SARB)  on Monday cleared President Cyril Ramaphosa of any wrongdoing in the Phala Phala forex scandal.

The bank said it finalised its investigation and report into the Phala Phala scandal on 14 of August.

The investigation into whether the President broke any laws when millions of Dollars were found stashed in his furniture, follows allegations made by former Correctional Services director General Arthur Fraser in June last year, in addition to subsequent complaints made to SARB from political parties such as the ATM, UDM, and the DA.

The SARB investigation took almost a year and it said on Monday in a statement that legislative requirements constrained the investigation to a private internal report and, therefore, not available to the public.

But the Reserve Bank said in light of the significant public interest on the matter being investigated, it declared its alleged moral compulsion