DA slams Energy Minister over PetroSA's R14.9bn loss
Energy Minister Tina Joemat-Pettersson should return to South Africa immediately to answer for PetroSA’s R14.9-billion loss, said the Democratic Alliance (DA) on Thursday.
The scale of the state-owned petroleum company’s loss was made public for the first time in court documents, which reveals what its loss will be when it finalises its accounts for the past financial year, according to a report in the Business Day on Thursday.
"The details of the financial results are contained in an affidavit by company secretary Mokgaetši Sebothoma made in response to an application by chief financial officer Lindiwe Mthimunye-Bakoro to have her suspension, imposed last month, lifted," the Business Day reported.
Pieter van Dalen, the DA’s shadow deputy minister of energy, said he would write to Portfolio Committee on Energy chairperson Fikile Majola to request he summon Joemat-Pettersson to appear before the committee and account for the deplorable state of PetroSA.
Biggest loss incurred by a State-owned company
He said this was the biggest annual loss incurred by any state-owned company. “The embattled entity is also set to miss all but one of its performance targets for the 2014-15 year,” he said.
“The poor financial state of PetroSA has been known for some time now,” he said in a statement. “The DA last month called for the release of PetroSA’s financial statements in order to interrogate the financial chaos at the entity. This call was ignored by PetroSA’s acting CEO Mapula Modipa."
The DA accused Joemat-Pettersson of ignoring PetroSA’s sad state and said she is “jet-setting around the world in her relentless crusade to tie our country to a secretive multi-billion rand nuclear deal”.
The DA said PetroSA has squandered R7.6-billion in the last year in terms of wasteful and irregular expenditure. “(That is) a clear illustration of the internal disarray within the entity and its leadership structure,” said Van Dalen.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation