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Money talks - what the SA Reserve Bank report had to say about the Phala Phala couch cash

Throughout the Phala Phala scandal, President Cyril Ramaphosa has been called upon to account for his actions before several institutional bodies, including Parliament and the Public Protector. The theft of a large sum of undeclared US dollars from his Limpopo farm, and the subsequent off-the-books investigation to find those responsible, brought his conduct under scrutiny.

By Tamsin Metelerkamp

8 Nov 2023

Source: Twitter@PresidencyZA

Source: Twitter@PresidencyZA

When the South African Reserve Bank (Sarb) launched its investigation of the circumstances surrounding the stolen money in June 2022, its main objective was to determine whether the President had contravened Exchange Control Regulation 6(1), which states:

“Every person resident in the Republic who becomes entitled to sell or to procure the sale of any foreign currency, shall within thirty days after becoming so entitled, make or cause to be made, a declaration in writing of such foreign currency to the Treasury or to an authorised dealer.”

Read the full article by Tamsin Metelerkamp at Daily Maverick.

Source: Daily Maverick

Daily Maverick is a unique blend of news, information, analysis and opinion delivered from our newsrooms in Cape Town and Johannesburg, South Africa. There are many ways to describe exactly what we do (and for the price of a cup of coffee we’re capable of talking your ears off about it), but the best way to understand the end result is to experience it. Every part of Daily Maverick is free-to-air and no payment is required, although free registration is required for a small subset of functions and pages.

Daily Maverick is run by an independently owned, private company with no affiliation to any other media group (or political party or religious organisation.) Follow Daily Maverick on Twitter at @dailymaverick.

Go to: https://www.dailymaverick.co.za/

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