“This report, which has been presented to the public, will not withstand even the slightest legal scrutiny,” said the party's Mxolisi Makhubu.
Earlier this year, the SA Revenue Service said it had no record of the Phala Phala dollars being declared. Makhubu said this meant Ramaphosa transacted in large sums of foreign currency without declaring them to Sars, a violation of the service's excess currency policy and the Financial Intelligence Centre, which caps the amount of cash one can hold at R25,000.
Makhubu said Ramaphosa further violated the law by not depositing the cash within 30 days and declaring the money to Sars in terms of excess currency policy and Exchange Controls Regulations. A letter from Reserve Bank governor Lesetja Kganyago to Ramaphosa’s legal team requesting details of the foreign currency used in the “sale” was further proof that the bank had no idea the president had foreign currency on his farm, said Makhubu.“This report by the acting public protector contributes to the erosion of our democracy and a growing lack of trust in chapter 9 institutions tasked with holding this constitutional democracy together.