PetroSA chair’s appointment rescinded

THE appointment of PetroSA director and chairman Tshepo Kgadima has been rescinded‚ the parastatal said yesterday.

“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‚” holding company‚ CEF (SOC) Limited’s chairman Sankie Mthembi-Mahanyele said in a statement.

“The primary interest of the board is to ensure that all entities in the group are stable‚ well- managed and focused on CEF’s primary role which is to contribute to the country’s security of energy supply.”

Nonhlanhla Jiyane has been appointed interim chairwoman of PetroSA.

Last week‚ Business Day reported that former cabinet minister Zola Skweyiya was considering laying criminal charges against Kgadima after he failed to recover the R3-million he gave to the latter. The money was meant to be an investment in a coal mining project that may not have existed.

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Skweyiya was one of more than 250 investors who allegedly lost money to LontohCoal between 2010 and 2012. Kgadima was the comp president and CEO.

Skweyiya made public his frustration after failing to get Kgadima to respond to claims.

Last week Wednesday‚ the former minister said opening a criminal case against Kgadima “is an option we are considering”.

He questioned the suitability of Kgadima to head PetroSA. “You can’t put such a person to run a company that is a multimillion-rand entity. He is a fraudster.”

Skweyiya and a group of investors allege Kgadima ran an elaborate “swindling” scheme through LontohCoal and that he had said he would raise $1-billion (about R10-billion) in a listing on the Hong Kong Stock Exchange.

Kgadima is alleged to have defrauded investors of millions of rand through mining projects he claimed to be developing‚ despite having had no licences for the properties.

There has been no response to calls and SMSes to Kgadima’s cellphone. — BDlive