Ramaphosa's explanation that he did not know about the donors and donations "is false," Mkhwebane said.
In a statement issued on Sunday, Ramaphosa said Mkhwebane's findings "are wrong in law, are irrational and, in some instances, exceed the scope of the powers of the Public Protector."
Her report "is fundamentally and irretrievably flawed," Ramaphosa said.
Furthermore, the president said, Mkhwebane failed to provide him with an opportunity to comment on proposed remedial action, thus violating provisions of the Public Protector Act, the Constitution and principles of common law.
Given these deficiencies, and consistent with the constitutional architecture, it is appropriate that the courts make a final and impartial determination on this matter, said Ramaphosa.
"I have therefore decided to seek an urgent judicial review of the Public Protector's report, its findings and remedial action," the president said.
He said he has instructed his legal representatives to prepare an application to this effect as a matter of urgency.
Given the gravity of this matter - and appreciating the effect that these findings have on the standing and credibility of both the President and the Public Protector - it is essential that the courts be given an opportunity to review the report and to find accordingly, Ramaphosa said.
"I am taking this action in the firm belief that the President is not above the law, and nor is the Public Protector," he added.
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