Petroleum Africa
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Friday, May 29, 2015
In South Africa a number of executives at the state-run oil and gas firm, PetroSA could be put on leave over their performance. The company said it is in talks to put its CEO, CFO, and acting VP Upstream operations on leave pending an investigation.
The discussions with CEO Nosizwe Nokwe-Macamo, CFO Lindiwe Mthimunye-Bakoro, and acting VP of upstream operations Andrew Dippenaar involve “a view to them being placed on leave pending an investigation into their performance and company-related matters,” Zama Luthuli, a spokeswoman for PetroSA said.
The company has had a hard year thus far, failing in its bid to buy a stake in Engen and being denied its request to borrow internationally for the deal by the country’s treasury are just two failures of the current management.
“Dependent on the outcome of these discussions, PetroSA shall consider the appointment of an interim management team to oversee ongoing operational and strategic issues in conjunction with the PetroSA board of directors,” Luthuli said.
The news of the PetroSA investigation follows the suspension of a CEO from another one of South Africa’s state-run institutions, Eskom. In March Eskom’s CEO and three other executives were suspended, pending an independent inquiry over the poor state of the business.
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