Probe into PetroSA R15bn loss to be completed by month end – Joemat-Pettersson
A probe into the cause of state-owned petroleum company PetroSA’s financial woes which would see it declare a multi-billion rand loss for the 2014/15 financial year was due to be completed by the end of August, Energy Minister Tina Joemat-Pettersson revealed on Tuesday.
In a written reply to a parliamentary question, Joemat-Pettersson confirmed the company was expected to post a loss of R15-billion.
“In discharging its fiduciary duty, the Board of Directors of PetroSA resolved to conduct an investigation into the causes of the substantial loss and PetroSA’s poor performance as well as the role played by PetroSA’s executive team including the Group Chief Executive Officer (GCEO), the Group Chief Financial Officer (GCFO) and the Vice President – Upstream in relation thereto,” Joemat-Pettersson said.
“The Board of directors formed the prima facie view that PetroSA’s poor financial performance was, at least in part, attributable to the three executives given their role, duties and responsibilities as employees of PetroSA.”
PetroSA CEO Nosizwe Nokwe-Macamo and chief financial officer Lindiwe Mthimunye-Bakoro are currently on suspension pending the outcome of the probe.
Andrew Dippenaar, the company’s vice president for upstream operations, was currently on forced leave.
Joemat-Petterson said the probe into the cause of PetroSA’s financial troubles and the role the executives played in that would take about two months.
“At this stage, it is anticipated that the investigation will be completed towards the end of August,” she said.
“In light of the fact that the investigation is still underway, no results are available.”
Comments
Press Office
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