Phala Phala Farm Scandal: Ramaphosa Cleared By SARB

President Cyril Ramaphosa has been cleared of wrongdoing in the Phala Phala farm scandal by the South African Reserve Bank (SARB).

The SARB finalised its investigation last week, but its report will not be made available to the public “due to legislative requirements and constraints”.

“The report by the SARB into this matter is a private internal report,” the Reserve Bank’s statement reads.

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Ramaphosa was found to have not contravened exchange control regulations.

“On the facts available to it, the SARB finds that there was no perfected transaction and thus the SARB cannot conclude that there was any contravention of the exchange control regulations… by Ntaba Nyoni Estates CC or for that matter by the president,” the Reserve Bank said.

The investigation was lodged last year after it emerged that $580 000 was stolen from Phala Phala farm in Limpopo when former State Security Agency (SSA) director-general, Arthur Fraser, reported the matter to the police.

This is a developing story