PetroSA chair ap­point­ment re­scinded

The Star Early Edition - - BUSINESS REPORT -

THE BOARD of the Cen­tral En­ergy Fund (CEF) yes­ter­day said it had de­cided to re­scind the ap­point­ment of Tshepo Kgadima as a di­rec­tor and chair­man of PetroSA, the na­tional oil company. Sankie Mthembi-Ma­hanyele, the CEF chair­woman said in a state­ment “in light of the cur­rent con­tro­versy the board felt it would be im­pos­si­ble for Kgadima to carry out the re­spon­si­bil­i­ties of the chair­per­son of PetroSA ef­fec­tively, and ac­cord­ingly has de­cided to re­scind the ap­point­ment”. On Mon­day, the DA had called for the re­moval of Kgadima fol­low­ing re­ports that he had al­legedly swin­dled more than 250 in­vestors who al­legedly put money into his company, Lon­tho Coal, be­tween 2010 and 2012 for projects that did not ex­ist. “His ap­point­ment is ir­ra­tional and must be set aside,” the DA said. Mthembi-Ma­hanyele said that Nonhlanhla Jiyane had been ap­pointed as in­terim chair­woman of PetroSA. Ex­ist­ing va­can­cies on the PetroSA board will be filled in the near term. – Staff Re­porter

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