Reserve Bank ‘evasive’ about Phala Phala; legal action planned


The DA and EFF are planning legal action over the Reserve Bank’s report on its investigation into the Phala Phala saga, while the UDM also wants to bring an application to have the report made public.

Lesetja Kganyago, president of the Reserve Bank, told parliament’s standing committee on finance (Skoor) on Wednesday that he was satisfied with the bank’s investigation into the matter. After a year-long investigation, the Reserve Bank found neither pres. Neither Cyril Ramaphosa nor anyone on his farm violated any currency control regulations after thousands of dollars found footing. The Reserve Bank has decided not to release the report in full.

Dr. DA finance spokesperson Dion George said despite the DA’s efforts to obtain the report, the Reserve Bank remained steadfast in its unwillingness to release the document or sufficient information “to ensure that the integrity of the Reserve Bank not compromised”.

According to George, he asked Kganyago several questions during the Skoor meeting, but his answers were “evasive, incomplete and unconvincing”.

“However, he admitted that the Reserve Bank had not seen any contract, other than an invoice, which set out the terms of the transaction in question, which casts doubt on the integrity of the investigation. Moreover, he provided no insight into any precedents set by previous investigations.”

The DA will now turn to the court to have the Reserve Bank’s decision not to fully disclose the report reviewed.

“The DA will not let this matter rest. South Africans have a right to know what really happened at Phala Phala and that includes knowing whether the president broke any financial law he was entrusted to uphold.”

The EFF also said earlier that it was going to approach the court to have the Reserve Bank’s report on the so-called Phala Phala dollars reviewed.

Julius Malema, leader of the EFF, said the report was “clearly an attempt to hide the crimes at Phala Phala” while “state institutions are being misused to protect the president of South Africa”.

The UDM wants to submit an application in terms of the Act on the Promotion of Access to Information (Paia) to gain access to the Reserve Bank’s Phala Phala report.

ActionSA and the DA have already submitted applications in this regard.