SA’s probe into the sale of 10-million barrels of crude oil reserves may be delayed after Energy Minister Mmamoloko Kubayi said she had some concerns because a key financial analysis in the investigation was conducted by KPMG. Kubayi said she wanted assurances from the Central Energy Fund (CEF) about the report, after KPMG’s alleged involvement in a corruption scandal revolving around the Guptas. Eight top executives have resigned from the auditing firm and it has been dropped by some local clients. Kubayi, who was named energy minister at the end of March, said a month later that she found "glaring governance problems" related to the crude sale in 2015, when prices were at an eight-year low. The CEF also failed to inform the Treasury of the sale, which was a requirement, according to a report in 2016by the auditor-general. Law firm Allen & Overy led an investigation into the sale, but recommended that a financial analysis be conducted as well, Kubayi said. While the work has been c...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now