Reserve Bank Gives President Cyril Ramaphosa 1 Week to Disclose Details About Phala Phala Farm Robbery

• President Cyril Ramaphosa endured a chaotic Q&A session where he remained mum on the details surrounding the Phala Phala farm robbery
• The South African Reserve Bank has now given the president a week to provide the central bank with information about the money stolen
• President Ramaphosa failed to notify the SA Reserve Bank of the foreign transaction, which resulted in Ramaphosa having US dollars in his possession

PRETORIA - The central bank of South Africa has given President Cyril Ramaphosa until 8 September to provide it with information about the foreign currency stolen from his Phala Phala farm in 2020.

The president failed to report the foreign exchange transaction, which resulted in them having U.S. dollars in his position to the South African Reserve Bank (SARB).

The law requires that the president disclose the transaction details to the central bank, but Ramaphosa has failed to adequately respond to SARB’s request for information, fin24 reports.

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In a letter to Parliament’s Standing Committee on Finance, the governor of the Reserve Bank, Lesetja Kganyago, detailed how the bank’s Financial Surveillance Department (FSD) had written to the president’s legal advisors requesting information about the origin of the foreign currency.

According to IOL, the letter was given to opposition parties on Tuesday, 30 August. Through it, Kganyago highlighted how FSD, responsible for regulating exchange control, is probing the matter.

The letter from Kganyago ran in tandem with the parliamentary Q&A session, where president Ramaphosa refused to answer questions about the farm robbery citing that he was acting under legal advice.

The FSD’s 8 September deadline is a day before opposition parties plan to march to the office of the anti-corruption ombudsman to demand the release of the report into the Phala Phala farm robbery.

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South Africans react to the deadline given by the Reserve Bank

South Africans weighed in on the deadline by giving their two cents on social media.

Here are some comments:

@C_Scarver_Snr said:

“u can run, but u can't hide.”

@seasidealso commented:

“No smoke without fire. There was bound to be more to the story.”

@llutladi added:

"I thought Ramaphosa was a man of integrity until yesterday."

@southy_citizen asked:

“So he violated the exchange control act?”

President Cyril Ramaphosa’s question-and-answer session fails to impress South Africans

Previously Briefly News reported that parliament Speaker Nosiviwe Mapisa-Nqakula suspended proceedings at the question-and-answer session on Tuesday, 30 August. President Cyril Ramaphosa was due to account for several aspects.

4 Members of the Economic Freedom Fighters disrupted the session by demanding that the session should have been held in person, saying hybrid meetings were held to "micromanage" parliamentarians.

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The president was unable to meet in person due to a family situation. However, the session was delayed for more than an hour due to the EFF's antics regarding Ramaphosa's physical absence.

Source: Briefly News