MPs told Sarb cooperating on Phala Phala probes but can’t give details

The South African Reserve Bank has told Parliament that it is cooperating and working with law enforcement agencies in the investigation into the Phala Phala burglary but can’t divulge details.

MPs had demanded answers from Governor Lesetja Kganyago on Wednesday about allegations against President Cyril Ramaphosa of violating exchange controls.

Kganyago was briefing the Standing Committee on Finance on the bank’s annual report.

The Standing Committee on Finance meeting was supposed to deal with the central bank’s annual report, but members wanted answers on Phala Phala instead.

“Did you do anything about a prima facie violation of foreign currency regulations? That is what he must be responding to. We are not asking for a comment from you,” Economic Freedom Fighters (EFF) MP Floyd Shivambu said.

Reserve Bank Governor Lesetja Kganyago said that the bank did not discuss matters that were under investigation.

“We are working with the law enforcement authorities on this and I do not think that it would serve us any good trying to get into the details of what is going on. It would undermine the investigation we are doing,” Kganyago said.

The committee agreed on a follow-up meeting with the Reserve Bank that would focus on the Phala Phala investigation.

-EWN

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