Scale of financial disaster unfolding at state-owned petroleum company PetroSA publicly revealed for first time in court documents THE scale of the financial disaster unfolding at state-owned petroleum company PetroSA has been publicly revealed in court documents in which executives disclose that it will face a R14.9bn loss when it finalises its accounts for the past financial year.This amount, previously speculated on, has been confirmed for the first time. The annual loss is by far the biggest faced by any state-owned company since 1994.The documents also show that PetroSA will miss all of its key performance targets for the year, except one, and has been bitterly divided over various contentious projects, among them a plan with political backing to purchase Engen retail fuel stations.The details of the financial results are contained in an affidavit by company secretary Mokgaetši Sebothoma made in response to an application by chief financial officer Lindiwe Mthimunye-Bakoro to h...
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