Pretoria - The Central Energy Fund (CEF) has rescinded the appointment of Tshepo Kgadima as director and chairperson of PetroSA.
In a statement on Thursday, the board of the national oil company made the announcement following reports that Kgadima was allegedly involved in the loss of millions by investors while he was still the chief executive and president of LontohCoal.
“PetroSA is an important national institution with a mandate to advance strategic interests for the country in the petroleum industry.
“In light of the current controversy, the board felt it would be impossible for Mr Kgadima to carry out the responsibilities of the chairperson of PetroSA effectively and accordingly has decided to rescind the appointment,” said chairperson of CEF Dr Sankie Mthembi-Mahanyele.
Mthembi-Mahanyele said the primary interest of the board is to ensure that all entities in the CEF group are stable, well-managed and focused on CEF’s primary role, which is to contribute to the country’s security of energy supply,
CEF manages defined energy interests on behalf of government through a number of subsidiaries, including PetroSA.
Mthembi-Mahanyele also announced that Ms Nonhlanhla Jiyane has been appointed as Interim Chairperson of PetroSA.
Existing vacancies on the PetroSA Board will be filled in the near term. - SAnews.gov.za
