South Africa’s president Cyril Ramaphosa is facing one of the biggest challenges of his career after a scandal emerged around a theft at his home in Phala Phala. The original allegations which surfaced three weeks ago were made by the former spy boss Arthur Fraser. Fraser claimed there was a cover-up of $4 million that was allegedly stolen at the president’s private farm in Limpopo, northern South Africa. It is said that he has flouted international money transfer rules of the United States in terms of the US Code title 18 of 1957, which focuses on money laundering as well as engaging in monetary transactions in property derived from specified unlawful activity.
President Ramaphosa has defended himself by saying that the money was proceeds from the sale of game animals. Unsatisfied by the refutal, the country’s main opposition party, the Democratic Alliance, wants Ramaphosa investigated by America’s Federal Bureau of Investigation and believes the case falls within the agency’s investigative reach.
In the first part of Business Edge, Tolulope Adeleru-Balogun delves into the Farmgate scrutiny being faced by President Cyril Ramaphosa of South Africa and is joined by Jean-Louis Nel, a tax lawyer who operates in that country.
In part two, Business Edge focuses on the recent court hearing in which commodities giant Glencore pleaded guilty to seven counts of bribery in connection with oil operations in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan with Tolu Aderemi, tax lawyer resident in London, England. The status of women in the insurance sector in South Africa.
Watch the first part of Business Edge in full above and the concluding part below.
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