THE BAD

Finweek English Edition - - IN BRIEF -

State-owned PetroSA is ex­pected to re­port a loss of nearly R14.9bn for the fi­nan­cial year to the end of March, a record even for SA’s paras­tatals. Ad­mit­tedly, off­shore gas ex­plo­ration is ex­pen­sive, but it is hard to fathom the lack of con­trols and gov­er­nance struc­tures for an in­sti­tu­tion’s fi­nances to spi­ral out of con­trol to this ex­tent. At least one thing still seems to work at PetroSA: the board­room’s re­volv­ing door.

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