The Economic Freedom Fighters (EFF) have dismissed the South African Reserve Bank’s findings on the Phala Phala report, which cleared President Cyril Ramaphosa of any wrongdoing. The party has called the president’s exoneration an abuse of the SARB.
After the Reserve Bank’s report exonerated Ramaphosa of wrongdoing in the Phala Phala controversy, the African Transformation Movement claims it is now sure that he is being shielded.
According to the Reserve Bank, there was no “perfected” or finished Phala Phala transaction involving 20 Buffalo. As a result, it cannot be concluded that President Cyril Ramaphosa violated the Exchange Control Regulation.
This is the second report to clear Ramaphosa on the matter, following the findings of the Public Protector.
ATM spokesperson Zama Ntshona says the central bank’s findings are unacceptable.
“He said when he was addressing the Limpopo conference that the money in those couches is mine, I am a farmer, I did not steal it from the taxpayers’ money. He said it was his because the transaction was done fully.
“SARS said the transaction and also the entity were in compliance with the tax laws of this country, especially when comes to the issue of this transaction. So, how do you pay tax on something that does not belong to you? Now, what is this thing that there was not a perfected transaction? What is this thing? Ramaphosa is protected.”
The EFF’s Statement on the South African Reserve Bank’s Statement on the Phala Phala Investigation
-The SARB claims in its nonsensical findings that there “was no perfected transaction”, meaning that the transaction was not finalised, notwithstanding that it is at no point… pic.twitter.com/PQu5jtczAl
— Economic Freedom Fighters (@EFFSouthAfrica) August 21, 2023
 have dismissed the South African Reserve Bank's findings on the Phala Phala which cleared Ramaphosa){kind=link}