Kganyago defends Sarb's Phala Phala probe, says it was conducted independently

CAPE TOWN - South African Reserve Bank (Sarb) Governor Lesetja Kganyago has defended the bank’s Phala Phala investigation, saying they acted without fear or favour.

MPs in the Standing Committee on Finance on Wednesday slammed Kganyago and the reserve bank for letting Ramaphosa and his Phala Phala farm get off scot-free, calling the investigation a whitewash and a "cover-up".

On Wednesday, Kganyago presented the bank's investigation into alleged exchange control violations in the Phala Phala burglary, where foreign currency was stolen.
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The reserve bank governor said that their investigation could not find any evidence against President Cyril Ramaphosa and Phala Phala, but members from most parties were not convinced.

UDM MP Nqabayomzi Kwankwa demanded the release of the entire report, calling it a cover-up.

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

But Kganyago defended the bank, saying the investigation was conducted independently.

"We were satisfied that our team acted professionally, with integrity and they acted independently and without fear, favour or prejudice.

Kganyago said that any other alleged violations should be reported to the relevant authorities, like the South African Revenue Service (Sars).