National
Probe into PetroSA R15 bln loss to be completed by month end: Joemat-Pettersson─── 16:08 Tue, 11 Aug 2015
Parliament – 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.”
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