Aug 22

SARB leaves opposition with more questions than answers about Phala Phala dollars

The SA Reserve Bank can expect a tough meeting on 30 August in Parliament after effectively clearing President Cyril Ramaphosa on Phala Phala, as opposition parties are left with more questions than answers. News24 reports that with a somewhat vague statement released on Monday morning, the SARB announced Ramaphosa’s Ntaba Nyoni Estate, which owns the Phala Phala game farm, was not “legally entitled” to the US$580 000 it received from Sudanese businessman Hazim Mustafa for 20 buffalo and because the transaction was not “perfected” there was no legal obligation on Ramaphosa or Ntaba Nyoni to have declared the foreign currency under exchange control regulations.