Investigation reveals serious allegations at PetroSA

Thursday, March 14, 2013

Pretoria - An investigation initiated by the Department of Energy has revealed serious allegations against several officials at the national oil company PetroSA, the Central Energy Fund (CEF) said on Wednesday.

Energy Minister Dipuo Peters initiated investigations that were conducted at some enterprises that report to her department, so as to ensure adherence to good corporate governance principles and transparency.

A preliminary report has been issued by the investigating team that unearthed inappropriate executive overriding of internal control systems at PetroSA, which is a wholly owned subsidiary of CEF (SOC) Ltd.

According to the CEF, the report also makes serious allegations against certain current and former senior officials.

Currently, the report is being studied by the Board of CEF.

“The investigation is continuing. Corrective and decisive action will be taken once the final report has been issued,” said Dr Sankie Mthembi-Mahanyele, Chairperson of the CEF Group.

The CEF Group manages defined energy interests on behalf of the South African government. It promotes the development of energy entities, with a special focus on renewable and cleaner alternative energy sources. -