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Business Report writes that Energy Minister Mmamoloko Kubayi has lashed out at the executives of PetroSA for paying themselves millions of rands in bonuses after the entity had suffered a financial loss of R14.5-billion.
In December it was revealed they paid themselves R17.3 million in bonuses despite the huge losses the state-owned entity suffered on Project Ikhwezi. Kubayi, who was briefing the parliamentary portfolio committee on energy on Tuesday, said PetroSA needed to be brought into line to improve its performance and stop the losses. But, the minister advised that the law did not allow her to intervene at PetroSA and that she could only do so through the Strategic Fuel Fund. DA MP Gordon McKay said he supported the minister’s decision to take action against the executives for the loss. The R14.5-billion loss led the committee to call for a forensic probe to rein in those responsible.
- Read this report by Siyabonga Mkhwanazi in full at Business Report
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