JOHANNESBURG/NAIROBI: South Africa's President Cyril Ramaphosa did not violate foreign exchange regulations after around US$4 million were found hidden in his sofa, the country's central bank announced on Monday, reported German news agency (dpa).

The bank came to its conclusion after an investigation that lasted about one year.

The investigation was related to a robbery on the cattle farm of the wealthy president three years ago. In the aftermath of the crime, it had become public that Ramaphosa had hidden around US$4 million in a sofa there.

Ramaphosa had initially only reported the robbery, not the stolen money. During the investigation, he had contradicted himself about the origin of the money.

Ramaphosa eventually admitted to having received around half-a-million dollars in cash in 2019 through the sale of 20 buffaloes to a Sudanese businessman. This transaction had come under closer scrutiny by the central bank, as there are regulations governing how much foreign currency people are allowed to own in South Africa.

The scandal almost cost Ramaphosa the presidency in December 2022 and triggered a government crisis. In addition to the central bank, the public prosecutor's office was also investigating possible bribery as a result of the cash found on Ramaphosa's farm.

In its final report in June, the public prosecutor's office could not find any wrongdoing on Ramaphosa's part. The opposition wants to have the prosecution's report examined by the courts.

-- BERNAMA