In clearing President Cyril Ramaphosa of exchange control breaches in the Phala Phala scandal, the SA Reserve Bank said its approach was not premised “on the unquestioning acceptance of the versions placed before investigators and that all the truth has been told”.

Rather, it was premised on the “need to reach conclusions on the relevant facts before the [investigators]” and to “restrict the investigation to [its] scope and purpose”, which is whether there was a violation of exchange control regulations...

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