PetroSA snared in allegations of dirty deals and capture claim
Axed board member says energy fund sought control
Allegations of the attempted "capture" of PetroSA because its axed board failed to support a partnership with a Russian firm linked to President Jacob Zuma form part of an affidavit filed at the High Court in Cape Town by a former board member who has applied to have his axing overturned. Former board member William Steenkamp also alleges in his affidavit that untoward offers had been made that some board members resign in exchange for board positions in other state-owned companies. Steenkamp has lodged an urgent application to set aside his axing and that of Owen Tobias, another board member, and for them to be reinstated. In his affidavit, Steenkamp paints a rather bleak picture of a long-running power struggle between PetroSA and its shareholder, the Central Energy Fund (CEF).
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.