PetroSA probe to be completed by month end
Updated | By Sune du Toit
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.”
Show's Stories
-
Man says he will never understand why men disrespect women
A man asks his girlfriend to get ready and then humiliates her...
The Workzone with Elana Afrika-Bredenkamp 11 minutes ago -
Five potential red flags in your partner's home
What do you think is a red flag in someone's house?
Breakfast with Martin Bester 41 minutes ago