ANA reports that it was suggested in Parliament on Tuesday that the entire PetroSA board should be axed in the light of R17.3 million in bonuses having been paid out to executives, despite the state-owned oil company have suffered a R14.5 billion rand impairment in the 2014/15 financial year.
Another impairment thought to be about R1.1 billion is expected this financial year. Andrew Dippenaar, one of the executives largely responsible for the Ikhwezi project, a failed attempt to extend the life of the Mossgas plant by drilling new wells, received a bonus of R2.3 million. The wells only produced 10% of the gas expected. While Dippenaar was demoted, no further action was taken against him and the then CEO Nosizwe Nokwe-Macamo and CFO Lindiwe Mthimunye-Bakoro. The CEO and CFO were later given golden handshakes for leaving the company. PetroSA executives were sent packing by MPs and told to come back with a plan to get the company back on track.
- Read this report by Chantall Presence in full at IOL News
- See too, PetroSA bosses pocketed big bonuses but entity faces liability of R15 billion, at SowetanLive
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