South African President Cyril Ramaphosa on Monday said he would not resign despite plans to set up an impeachment committee to investigate allegations linked to cash stolen from his game ranch.

In a televised address, Ramaphosa said he would challenge a parliamentary report that found credible evidence of possible misconduct over the theft of more than $500,000 allegedly hidden in a sofa at his ranch.

“I therefore respectfully want to make it clear that I will not resign,” he said.

The development followed a ruling by the Constitutional Court of South Africa, which declared a 2022 parliamentary vote blocking impeachment proceedings unconstitutional and ordered that the matter be referred to an impeachment committee.

Ramaphosa has denied wrongdoing, insisting the money came from the legitimate sale of buffaloes at his ranch.

However, the independent report released in 2022 questioned the source and amount of the cash and alleged that the president used members of his protection unit to secretly pursue suspects involved in the theft.

An impeachment vote would require the support of at least two-thirds of lawmakers in South Africa’s Parliament.