ATM speaks out against SARB findings on Phala Phala scandal

JOHANNESBURG - The African Transformation Movement has spoken out against the findings by the South African Reserve Bank, which has cleared President Cyril Ramaphosa of any wrongdoing linked to the Phala Phala scandal.

READ: ANC welcomes PP's Phala Phala report

The Reserve Bank investigated whether there were any violations of exchange control regulations, but concluded that on the facts available, there was no contravention.

The full internal report will also not be made public because of legislative restrictions.   

Former spy boss Arthur Fraser last year dropped a bombshell by laying a criminal complaint against the president.

In his statement to police, Fraser revealed details of a brazen robbery that took place on the Phala Phala farm in February 2020.

He claimed that more than four million US dollars was stolen. He also accused the president of ordering a cross border search for the perpetrators and a cover up of the incident.

ATM Spokesperson Zama Ntshona says the Reserve Bank's findings in relation to the Phala Phala robbery don't make sense.