Governor Kganyago Sticks With Intention To Keep Controversial Phala Phala Report Secret

SARB Governor Lesetja Kganyago told lawmakers that he will not make the central bank's report on the Phala Phala scandal public as he fears it might constitute a criminal offence under the Reserve Bank Act.

• Kganyago was briefing the Standing Committee on Finance on SARB Financial Surveillance Department's investigation which cleared President Cyril Ramaphosa of all wrongdoing.
• The Governor told lawmakers that the central bank's probe only focused on exchange control regulations and not any other alleged violations of the law, such as the requirement to declare any cash to the SARS upon entry to South Africa.
• The SARB's report stated that Ramaphosa did not contravene exchange control regulations, as his game farm was not "legally entitled" to the $580,000 it received from Sudanese businessman Hazim Mustafa for 20 buffalo.