Open Questions: Cyril Ramaphosa

1. Phala Phala money source: Ramaphosa claims $580k came from buffalo sales to Sudanese businessman Hazim Mustafa. Are there verifiable SARS records, customs declarations, or formal sales agreements? Who else was present at the sale? What does SARB’s Financial Surveillance Department’s full investigation conclude?

2. Post-Shanduka beneficial interests: Ramaphosa divested from Shanduka in 2015 — but the Tshivhase family trust reportedly retained a stake in Phembani Group. Has he declared all current indirect interests in the Parliamentary Register? What are his current holdings via trusts?

   Partially answered (2026-04-13): The Tshivhase Trust was the majority shareholder in Shanduka (30% stake) until 2015. When Shanduka merged into Phembani in June 2015, Ramaphosa “sold his entire stake” — Forbes uses past tense “previously owned” for the Trust’s Shanduka holding. No public evidence that the Tshivhase Trust retained a Phembani stake post-merger. However, the Tshivhase Trust does own Phala Phala farm itself — a separate asset. In 2014, Ramaphosa declared R76m in the Parliamentary Register but kept Tshivhase Trust details confidential (Mail & Guardian, September 2014). The ConCourt Arena Holdings ruling (2022) put pressure on Ramaphosa to disclose the Trust’s tax records. No subsequent public disclosure of Trust interests in companies doing government business has been reported. The question of whether any residual Phembani interest exists remains publicly unconfirmed. (Sources: Forbes June 2015; Mail & Guardian September 2014; Webber Wentzel 2022)

3. Marikana and Lonmin connection: Before becoming Deputy President, Ramaphosa sent an email to Lonmin (where he sat on the board) characterising striking miners as “criminal” shortly before 34 miners were killed in 2012. Has this been formally investigated as a conflict of interest or potential liability?

   Answered (2026-04-13): Farlam Commission (final report May 2015) largely exonerated the key political figures including Ramaphosa. The email — sent 24 hours before the 16 August 2012 massacre, calling the strikers’ conduct “plainly dastardly criminal” — was reviewed by the commission. Finding: Ramaphosa’s intervention requesting SAPS action did not cause the increase in police numbers on site, and he did not know the operation to disperse the crowd would take place on 16 August. No formal conflict-of-interest investigation conducted. A civil damages suit by 329 surviving mineworkers and families in the Johannesburg High Court (seeking R1.8bn) stalled as of late 2024 — no trial date set. Ramaphosa has not been personally cited as a defendant in that suit. (Sources: Daily Maverick; Reuters archived reports; Farlam Commission Vol V)