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  • keyboard_arrow_rightEFF rejects SARB’s Phala Phala findings

EFF rejects SARB’s Phala Phala findings

By: Natasha Archary

nonsensical report
Image | @EFFSouthAfrica /Twitter

The Economic Freedom Fighters (EFF) has rejected SARB’s (South African Reserve Bank) Phala Phala findings, saying the bank was “abused” to exonerate President Cyril Ramaphosa.

In a statement issued on Monday, 21 August, shortly after SARB released its findings from an investigation into alleged transgressions at Phala Phala, the EFF said it rejected the “nonsensical findings”.

“In their pathetic and poor attempt to cleanse Ramaphosa of the Phala Phala crimes, the SARB has unwittingly confirmed our suspicions that there was never a transaction or intention to have a legal transaction.

Instead, the intention was to launder money through Phala Phala, as we have consistently maintained that Ramaphosa uses his farming business as a front for money laundering.

Ramaphosa himself acknowledged receipt of this unlawful currency, which was later stolen.

He was in possession of foreign currency that entered South Africa’s borders beyond the 30-days allowed by Section 7 (1) of the Foreign Exchange Regulations of the SARB.

SARB is duty-bound to register the flow of funds and police movements of currency within South Africa’s borders.

The mandate of the SARB is not to police whether transactions were concluded or not, or whether goods were delivered or not after a purchase.

This report is therefore, a poor attempt by the SARB to avoid carrying out their mandate, and ensure that Ramaphosa is not held accountable for contravening foreign exchange regulations.”

EFF has rejected SARB’s Phala Phala findings

The EFF maintains that about from the President breaking foreign exchange laws, Ramaphosa should according to the red berets also face a criminal case for tax evasion and money laundering.

SARB concluded its Phala Phala investigation on 14 August, which was done in two phases.

The initial phase involved a consideration of internal information and databases, and the analysis of cross-border foreign exchange transactions over the relevant period.

Also read: These roads will be closed from 20-26 August for the BRICS Summit in Sandton

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