Kubayi suspends Central Energy Fund directors
The minister wants an explanation of their role in the sale of oil reserves, which were sold at a substantial discount
Energy Minister Mmamoloko Kubayi has suspended the entire Central Energy Fund (CEF) board and has asked them to explain their role in the Strategic Fuel Fund (SFF) stock rotation issue. Business Day understands that Kubayi called members of the board to a meeting in Pretoria on Thursday and communicated her decision to them. This means the state-owned national energy utility is without a board and some executive committee members. No interim board was appointed. The CEF’s financial results were meant to be approved by the board later this week. The suspended board members had until 5pm on Monday to respond to questions from the minister. Sources said they had done so individually. Those suspended include chairman Luvo Makasi, acting CEO Mojalefa Moagi, chief financial officer Lufuno Makhuba and company secretary Abdul Haffejee. Makasi was appointed chairman in December 2016, when Tina Joemat-Pettersson was energy minister. The SFF transactions predate Makasi’s appointment and that o...
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