EDITORIAL: Reserve Bank’s halo slips over Phala Phala report
The Bank has found no fault with President Cyril Ramaphosa in the Phala Phala saga. But for all the institution’s hallowed image, it’s hard not to feel there’s been a giant cover-up
23 August 2023 - 06:00
President Cyril Ramaphosa’s mishandling of the $580,000 given to him by Sudanese businessman Hazim Mustafa, ostensibly to pay for some buffaloes from his Phala Phala farm, has had repercussions for the Reserve Bank.
After a year-long investigation, the Bank has concluded that the president did not contravene any foreign exchange control regulations — despite everyone knowing that he failed to declare the funds within 30 days, as required by law. ..
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