The Reserve Bank has cleared President Cyril Ramaphosa of any dishonest behavior in its investigation into millions of undisclosed foreign money stolen from his Phala Phala farm.
This was announced by the central bank through a statement on Monday.
According to Reserve Bank governor Lesetja Kganyago, the central bank has found that there was no perfected transaction.
As a result, the central bank cannot conclude there was any contravention of exchange control regulations by Ntaba Nyoni Estates, the entity involved, or Ramaphosa.
“It is pertinent to recognize that the scope and purpose of the investigation and report in this matter are limited to whether there were exchange control violations, in terms of the Exchange Control Regulations of 1961, in respect of the foreign currency allegedly stolen from the Phala Phala farm on February 9 2020,” said Kganyago.
The investigation was linked to a criminal complaint lodged by former spy boss Arthur Fraser in 2022.
Fraser claimed the president failed to report burglary at his farm, thus contravening the Prevention of Organised Crime Act.
Ramaphosa had also been accused of possibly being involved in corruption and money-laundering by some of his detractors, with former president Thabo Mbeki also raising concerns over the the saga.
In June, acting public protector Kholeka Gcaleka issued a report which found that Ramaphosa had not breached the executive code of ethics on the Phala Phala saga.
Gcaleka said there was also no conflict between the president and his private interest on the farm.
“Accordingly, the allegation that the president improperly and in violation of the provisions of the executive code exposed himself to any risk of a conflict between his constitutional duties and obligations and his private interests arising or affected by his paid work at Phala Phala farm is not substantiated,” said Gcaleka at the time.
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