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Deadline Looms For Ramaphosa Lawyers To Give Sarb Answers

Today is the deadline for President Cyril Ramaphosa’s lawyers to give the South African Reserve Bank answers on the Phala Phala saga.

According to the country’s central bank, the president didn’t report the foreign exchange transaction from which the alleged millions of US dollars at the heart of the scandal stemmed.

And its financial surveillance department has now asked Ramaphosa’s legal advisors for answers, with the deadline for him to provide them is Thursday.

Governor Lesetja Kganyago wrote to Parliament’s Standing Committee on Finance last week about the Phala Phala matter.

He said that following the allegations in the media, the financial surveillance department had on 20 June requested “information and details regarding the origin of the foreign currency and any underlying transaction that may pertain to it” from the president’s legal advisors.

After receiving this information, he said that they could move ahead with the investigation.