The energy minister says the Central Energy Fund shares her concern over ‘lapses in governance’ involving large and risky transactions ENERGY Minister Tina Joemat-Pettersson has asked the Central Energy Fund (CEF) to probe all the contracts of the Strategic Fuel Fund (SFF) since April 2014, including the sale of the country’s entire strategic fuel stock in December 2015.Joemat-Pettersson has also asked the CEF to examine its governance procedures after SFF chairman Riaz Jawoodeen and acting CE Sibusiso Gamede put in a bid to buy Chevron SA in a $1bn deal in June, without board or ministerial approval.The two incidents exposed serious shortcomings in governance, which appears to have created an environment in which large and risky transactions could be undertaken without oversight.The CEF is the holding company of the fuel fund as well as of other state-owned energy companies: Petroleum Oil and Gas Corporation of SA, iGas, the Petroleum Agency of SA, and African Exploration Mining an...
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