CENTRAL ENERGY FUND
Energy minister denies board has been suspended
Energy Minister Mmamoloko Kubayi is denying that she suspended the Central Energy Fund board of directors. Her spokeswoman, Nomvula Khalo, confirmed on Tuesday that Kubayi had sent letters to board members asking them to explain their role in the Strategic Fuel Fund stock rotation issue. However, Business Day understands that following a meeting with the minister in Pretoria last week directors were left in no doubt that they should not report for work. The letter sent to the board members and seen by Business Day did not mention suspension but instructed them "not to be in contact with Central Energy Fund staff members". In May 2017, Kubayi admitted for the first time that the secret disposal of 10.3-million barrels of SA’s strategic oil reserves by the Strategic Fuel Fund in December 2015 had been a sale and not a "rotation of stock". This was despite former energy minister Tina Joemat-Pettersson repeatedly asserting this to justify her approval of the deal. In 2016, Joemat-Petter...
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