Political parties have accused the SA Reserve Bank of protecting President Cyril Ramaphosa at all costs, and some have threatened to take the bank to court over its controversial Phala Phala report.
The parties say the report failed to hold Ramaphosa, who said on Monday he had noted the report, to account.
The SARB stated that in terms of the Exchange Control Regulations, Ramaphosa and his Ntaba Nyoni company were not legally obliged to declare the US$580 000 (R11m) hidden in his sofas, which was later reported stolen.
The report found that the transaction was not “perfected” as Sudanese businessman Hazim Mustafa did not receive the 20 buffalo allegedly purchased on Christmas 2019.
Acting Public Protector Kholeka Gcaleka also cleared Ramaphosa of wrongdoing.
But the EFF said it would take the report to court as it “was clear that there was a violation” of foreign exchange regulations.
“The question South Africans should ask themselves is, if there was no ‘perfected’ transaction, then why was the transaction registered in the books of Ntaba Nyoni and how did SARS determine that Ntaba Nyoni, which is solely owned by Ramaphosa, is tax compliant?” asked the EFF.
UDM leader Bantu Holomisa said: “The UDM rejects this as another whitewash like the acting public protector Gcaleka one.”
He accused the SARB of sitting on the fence and not being more decisive in its report.
ActionSA also stated it was considering legal action against the reserve bank over the report, while DA MP and its spokesperson on finance, Dion George, said the party will write to SARB and ask for the full report.
The finding raises more questions than answers, he added.
George said the independence of SARB must not be questioned, but it appeared there was a political influence in this decision.
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