THE UGLY

Finweek English Edition - - THE WEEK -

Af­ter only two months in the po­si­tion, Cen­tral En­ergy Fund (CEF) chair­per­son Luvo Makasi has given the board of em­bat­tled state-owned oil com­pany PetroSA their march­ing orders. The CEF sub­sidiary has posted sig­nif­i­cant fi­nan­cial losses in re­cent years and has bat­tled sev­eral lead­er­ship and man­age­ment chal­lenges, BDLive re­ported. Makasi’s in­struc­tion to the board to re­sign was is­sued in a let­ter sent at the end of March, and lists the com­pany’s strate­gic di­rec­tion, fi­nan­cial stand­ing and man­age­ment as is­sues of pri­mary con­cern, the re­port reads.

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