Opposition MPs slam Reserve Bank's Phala Phala investigation

CAPE TOWN - Members of Parliament (MPs) slammed Reserve Bank Governor Lesetja Kganyago for the bank’s Phala Phala investigation, calling it a "whitewash" and a “cover-up”.

Kganyago on Wednesday appeared before the Standing Committee on Finance and presented the Central Bank’s findings in its investigation into exchange control violations in the Phala Phala robbery where foreign currency was stolen.

It was the first time the governor appeared before MPs since the conclusion of the investigation.

While Kganyago said the probe could not find any evidence against President Cyril Ramaphosa and Phala Phala, members from most parties were not convinced.
He told MPs that there was no available evidence that the president or his farm violated exchange controls.

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But the Economic Freedom Fighters' (EFF's) Floyd Shivambu dismissed the report, saying crimes were committed at Phala Phala.

"And there seems to be now a systematic and systemic cover-up which started with the acting Public Protector and the South African Revenue Services (SARS)."

United Democratic Movement (UDM) MP Nqabayomzi Kwankwa called for access to the report.

"What seems to be happening here there’s no need to ask questions, this whole thing is a whitewash. It’s a cover-up."

Kganyago said the bank can only apply laws that it administers, and any other alleged violation should be investigated by the relevant authorities.