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SARB Clears President Ramaphosa From Phala Phala Controversy

The South African Reserve Bank (SARB) has absolved President Cyril Ramaphosa of any misconduct in its probe into the theft of millions of rands from his Phala Phala property in 2020.

On Monday morning, Governor Lesetja Kganyago released the report via the bank’s website.

It states that Ramaphosa was found not to have violated the Exchange Control Regulations.

“Based on the facts at its disposal, the SARB concludes that there was no perfected transaction, and thus the SARB cannot conclude that there was no violation of the Exchange Control Regulations… by Ntaba Nyoni Estates CC or the President.”

The investigation is tied to a criminal complaint filed by former spy chief Arthur Fraser last year. Fraser alleged the president violated the Prevention of Organized Crime Act by failing to notify the burglary at his farm.

Ramaphosa has also been accused by some of his adversaries of being implicated in corruption and money laundering, with former President Thabo Mbeki also raising worries about the optics of the story.