Sarb cooperating on Phala Phala probes however cannot give particulars, MPs informed

MPs had demanded solutions from governor Lesetja Kganyago yesterday about allegations towards President Cyril Ramaphosa of violating alternate controls.

A nationwide public sale of a wide range of animals hosted at President Cyril Ramaphosa’s Phala Phala farm befell on 18 June 2022. Image: Abigail Javier/Eyewitness Information

CAPE TOWN – The South African Reserve Financial institution has informed Parliament that it’s cooperating and dealing with regulation enforcement businesses within the investigation into the Phala Phala housebreaking however can’t disclose particulars.

MPs had demanded solutions from Governor Lesetja Kganyago on Wednesday about allegations towards President Cyril Ramaphosa of violating alternate controls.

Kganyago was briefing the Standing Committee on Finance on the financial institution’s annual report.

The Standing Committee on Finance assembly was alleged to cope with the central financial institution’s annual report, however members needed solutions on Phala Phala as an alternative.

“Did you do something a few prima facie violation of international forex rules? That’s what he should be responding to. We aren’t asking for a remark from you,” Financial Freedom Fighters (EFF) MP Floyd Shivambu mentioned.

Reserve Financial institution Governor Lesetja Kganyago mentioned that the financial institution didn’t focus on issues that had been beneath investigation.

“We’re working with the regulation enforcement authorities on this and I don’t suppose that it might serve us any good attempting to get into the main points of what’s going on. It will undermine the investigation we’re doing,” Kganyago mentioned.

The committee agreed on a follow-up assembly with the Reserve Financial institution that might give attention to the Phala Phala investigation.


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