PetroSA's chairman quits suddenly

30 Apr 2013

PetroSA's chairman Benny Mokaba has quit with immediate effect.

Mandla Tyala‚ spokesman for the Central Energy Fund (CEF) which owns the company‚ said CEF's chairman Sankie Mthembi-Mahanyele announced that Mokaba would leave the company immediately at a special meeting called on Monday (29 April) morning.

"The move follows the conclusion of an investigation ordered by the Minister of Energy, Dipuo Peters, to investigate the procurement system at PetroSA‚" Tyala said.

"The investigation was part of an initiative by the minister to ensure adherence to good corporate governance principles and transparency at enterprises which report to the department of energy," he added.

A preliminary report issued by the investigating team last month found several instances of what seemed to be inappropriate over-riding of internal controls by executives at PetroSA.

This meant proper processes and procedures were not followed with regard to tenders and contracts at PetroSA.

The team's report also contained allegations against current and former senior officials at the company.

Tyala could not confirm whether Mokaba had chosen to resign or had been fired‚ nor could he confirm whether Mokaba had been implicated in the report.

Source: Sapa via I-Net Bridge

Source: I-Net Bridge

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