Cyril Ramaphosa’s financial interests in line with executive ethics code, says Presidency

Presidency spokesperson Vincent Magwenya said that President Cyril Ramaphosa’s active financial interests were in line with the country’s executive ethics code.

Magwenya said that Ramaphosa disposed of all his assets in regulated sectors like mining and finance back when he was appointed as deputy president in 2014.

President Ramaphosa has come under scrutiny following an unreported burglary at his Phala Phala game farm in 2020 where foreign currency where allegedly stolen.

This week, former President Jacob Zuma accused Ramaphosa of having side hustles while employed as a state president.

Magwenya said that the billionaire president retained his financial interest in game farming and property as they were regarded as non-regulated sectors and did not constitute a conflict of interest.

“Revenues earned from the trading of game and livestock cover salaries of workers, upkeep of properties, and the remainder is re-invested into the breeding of unique game and livestock species, veterinary services, and other related costs,” Magwenya said.

-EWN

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