PetroSA's interim board fired



PetroSA's interim board has been fired. Sources within the Central Energy Fund told the SABC on Wednesday that letters of their dismissals were forwarded to them a week ago. Earlier CEF Chairperson Luvo Makasi wrote to them, asking why they shouldn't be fired. PetroSA is one of many government parastatals which have been embroiled in endless financial difficulties. In 2014/15, it became the first state-owned company to make a loss of R14,6 billion in a single financial year.



It hasn't recovered since then.

Members of Parliament Gordon Mackay of the DA and Nqaba Khwankwa of the UDM say the dismissal of the interim board is long overdue.

They say it’s a good decision because PetroSA has been making losses for a long time and it was about time that CEF made a decision.

Earlier in 2017, the board told Parliament that in the current financial year, it had made losses of R2,2 billion. But according to reliable sources, the figure is close to R4 billion.

Reports suggest that the company is on the brink of retrenching staff.

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