{"id":52924,"date":"2023-08-21T20:08:33","date_gmt":"2023-08-21T20:08:33","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-finds-phala-phala-was-not-legally-entitled-to-buffalo-dollars"},"modified":"2023-08-21T22:33:04","modified_gmt":"2023-08-21T22:33:04","slug":"reserve-bank-finds-phala-phala-was-not-legally-entitled-to-buffalo-dollars","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-finds-phala-phala-was-not-legally-entitled-to-buffalo-dollars","title":{"rendered":"Reserve Bank finds Phala Phala was not ‘legally entitled’ to buffalo dollars"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>The South African Reserve Bank (SARB) has found that President Cyril Ramaphosa’s Ntaba Nyoni Estate, that owns the Phala Phala game farm, was not “legally entitled” to the $580 000 it received from Sudanese businessman Hazim Mustafa for 20 buffalo.<\/p>\n

But because the transaction was not “perfected” \u2013 Mustafa never received delivery of the buffalo \u2013 there was no legal obligation on Ramaphosa or Ntaba Nyoni to have declared the foreign currency under exchange control regulations.<\/p>\n

In a terse media statement released by the SARB on Monday morning, the central bank said it would not release the full “private internal” Phala Phala report, but because the matter had “significant public importance” it would release the findings.<\/p>\n

The SARB took almost a year to complete its investigation, consisting of 15 affidavits, dozens of documents running into hundreds of pages and interviewing relevant individuals.<\/p>\n

SARB made it clear it was only entitled to investigate potential exchange control violations “in respect of the foreign currency allegedly stolen from the Phala Phala farm on 9 February 2020”.<\/p>\n

“Other matters and where they may relate to the breach (if any) of any other law or otherwise, are matters which are to be addressed by the relevant authorities,” the bank stated.<\/p>\n

“On the facts available to it, the SARB finds that there was no perfected transaction and thus the SARB cannot conclude that there was any contravention of the Exchange Control Regulations… by Ntaba Nyoni Estates CC (the entity involved) or for that matter by the President.<\/p>\n

“That is because the SARB has concluded that the transaction in question was subject to conditions precedent which were not fulfilled [the delivery of the animals], and therefore there was no legal entitlement, within the meaning of Regulation (6)(1), on the part of Ntaba Nyoni Estates CC, to the foreign currency.”<\/p>\n

In late June the office of the Public Protector cleared Ramaphosa of wrongdoing in the Phala Phala scandal. Acting Public Protector Kholeka Gcaleka did, however, find that Presidential Protection Service head Major General Wally Rhoode was not authorised to conduct an investigation into the burglary.<\/p>\n

Gcaleka said at the time that her office’s probe did not cover the tax implications of the foreign currency or deal with exchange control regulations.<\/p>\n

The Hawks are also still finalising their criminal probe into the matter.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. The South African Reserve Bank (SARB) has found that President Cyril Ramaphosa’s Ntaba Nyoni Estate, that owns the Phala Phala game farm, was not “legally entitled” to the $580 000 it received from Sudanese businessman Hazim Mustafa for 20 buffalo. But because the transaction was not “perfected” \u2013 Mustafa never received delivery […]<\/p>\n","protected":false},"author":84,"featured_media":52922,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12,377],"tags":[274,315,2426,390,608,275],"class_list":["post-52924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","category-to-homepage","tag-africa-press","tag-africa-press-south-africa","tag-phala-phala","tag-ramaphosa","tag-sarb","tag-south-africa-2"],"yoast_head":"\nReserve Bank finds Phala Phala was not 'legally entitled' to buffalo dollars - South Africa<\/title>\n<meta name=\"description\" content=\"The South African Reserve Bank (SARB) has found that President Cyril Ramaphosa's Ntaba Nyoni Estate, that owns the Phala ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-finds-phala-phala-was-not-legally-entitled-to-buffalo-dollars\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reserve Bank finds Phala Phala was not 'legally entitled' to buffalo dollars\" \/>\n<meta property=\"og:description\" content=\"The South African Reserve Bank (SARB) has found that President Cyril Ramaphosa's Ntaba Nyoni Estate, that owns the Phala ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-finds-phala-phala-was-not-legally-entitled-to-buffalo-dollars\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-21T20:08:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-21T22:33:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/08\/sm_1692640778.242903.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1618\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-finds-phala-phala-was-not-legally-entitled-to-buffalo-dollars#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-finds-phala-phala-was-not-legally-entitled-to-buffalo-dollars\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Reserve Bank finds Phala Phala was not ‘legally entitled’ to buffalo dollars\",\"datePublished\":\"2023-08-21T20:08:33+00:00\",\"dateModified\":\"2023-08-21T22:33:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-finds-phala-phala-was-not-legally-entitled-to-buffalo-dollars\"},\"wordCount\":401,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-finds-phala-phala-was-not-legally-entitled-to-buffalo-dollars#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/08\/sm_1692640778.242903.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"phala phala\",\"Ramaphosa\",\"sarb\",\"South-Africa\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"policy\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-finds-phala-phala-was-not-legally-entitled-to-buffalo-dollars#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-finds-phala-phala-was-not-legally-entitled-to-buffalo-dollars\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-finds-phala-phala-was-not-legally-entitled-to-buffalo-dollars\",\"name\":\"Reserve Bank finds Phala Phala was not 'legally entitled' to buffalo dollars - 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