Energy fund chairman gives PetroSA board marching orders
New boss Luvo Makasi questions the state-owned oil company’s strategic direction as members are accused of failing with financial oversight
Central Energy Fund (CEF) chairman Luvo Makasi has told the board of troubled state-owned oil company PetroSA to resign with immediate effect. Leadership and management instability have plagued CEF subsidiary PetroSA, which has suffered huge financial losses over the past three years. The shake-up comes two months after Makasi’s appointment as CEF chairman. In a letter sent to the board at the end of March, Makasi said the CEF had been concerned for some time about the strategic direction, financial standing and management of PetroSA. If you are already a subscriber, please click on the following link below to go to the full article: Energy fund chairman tells PetroSA board to go If you would like to subscribe to BusinessLIVE Premium to read the full story, please click here: Subscribe Premium content is not yet available on the app. Please use the desktop site to subscribe.