State energy boss fired amid bribery charges
Controversy around Luvo Makasi comes as forensic investigation into the illegal sale of SA’s strategic fuel stocks nears finalisation
The Central Energy Fund, government’s energy holding company, remains troubled by internal conflict following the sudden dismissal of its chair on Friday, after allegations that he solicited a bribe from a global oil trader Vitol. The controversy around Luvo Makasi comes as a forensic investigation into the illegal sale of SA’s strategic fuel stocks in December 2015 is at last reaching finality and as the Hawks launch a criminal investigation into the sale. The sale of the strategic stocks lies at the centre of much of the ongoing intrigue at the Central Energy Fund. The stocks, which comprised 10-million barrels of crude oil held by the state to ensure energy security, were sold far below the prevailing market price and without the necessary permissions by Central Energy Fund subsidiary the Strategic Fuel Fund. Three large companies — Dutch firm Vitol; Swiss firm Glencore, which partnered with Venus Trade, and Nigerian company Taleveras — bought the oil in a closed tender process. ...
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