PetroSA CEO Nosizwe Nokwe-Macamo
Western Cape High Court judge Dennis Davis has dismissed with costs an urgent application launched by a suspended PetroSA boss.
The company’s suspended chief financial officer Lindiwe Mthimunye-Bakoro brought an urgent application to have two of the company’s board meetings in which directors voted in favor of her suspension, as well as that of chief executive officer Nosizwe Nokwe-Macamo, declared invalid.
South African’s state-owned petroleum company maintained that both meetings were legally constituted.
PetroSA alleges that under the watch of Mthimunye-Bakoro and Nokwe-Macamo the company lost a total of R15-billion.
The board originally suspended both the CEO and CFO on June 18 at a board meeting to which the two were not invited. Then, on July 13 the board held another meeting after it invited both parties to make written representations on the matter, and upheld the previous decision to suspend them.