Ramaphosa denies theft of foreign currency from Phala Phala was money laundering

ramaphosa denies theft of foreign currency from phala phala was money laundering

CAPE TOWN – President Cyril Ramaphosa on Thursday vehemently denied that the theft of foreign exchange from his Phala Phala farm was akin to money laundering.

He told Parliament that he reported the crime on his Limpopo farm to a police general in 2020.

Answering questions in the National Assembly on Thursday afternoon, Ramaphosa said the police had to explain why a case was never registered.

After being rather tight-lipped on previous occasions, Ramaphosa was more forthcoming about the theft on his Phala Phala farm as opposition parties took the gap on questions related to gang activity and illicit financial flows to quiz him.

“There was a theft at the farm and I reported it to a general of the South African Police Service [SAPS] who later informed me that he’s also reported it to another general of the SAPS,” Ramaphosa said.

Ramaphosa said he never hid the fact that he’s a farmer of cattle and game.

The money stolen from his farm, he said, was the proceeds of the sale of the animals: “That in my view is not money laundering. It is a process that goes on.”

Ramaphosa said he was committed to cooperating with all ongoing investigations.

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