By Zuko Komisa
Members of Parliament (MPs) are asking the South African Reserve Bank (Sarb) for information regarding its inquiry into the allegedly stolen US dollars from President Cyril Ramaphosa’s Phala Phala game farm.
The Standing Committee on Finance wanted an update from the nation’s central bank on whether any exchange control policies may have been broken by Ramaphosa.
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Kaya Biz with Gugulethu Mfuphi spoke with André Cellier, Director and Currency Risk Strategist at Treasury One who gave perspective on SARB’s role in the Phala Phala robbery.
LISTEN TO THE FULL CONVERSATION HERE:
Cellier says that there are processes that still need to be followed before findings are released.
“Yes, the Reserve Bank is involved, The Financial Conduct Authority is involved, and any finding that they now make will have to be reported to the police, as part of the ongoing investigation. For the South African Reserve Bank (SARB) to make any part of their investigation of the matter public to anybody or allow them to have that knowledge might jeopardise in that case.”
The Reserve Bank received letters from the Democratic Alliance (DA) and Economic Freedom Fighters (EFF) seeking information on the farmgate scandal and the president’s suspected exchange control violations.
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