From the bargaining chamber to the boardroom of embattled state-owned entities (SEOs), the evolution of Frans Baleni is ongoing.It has been five years since he was ousted as the general secretary of the once powerful National Union of Mineworkers, where he had served in various roles since its formation in 1982.Today he is the board chair of embattled state-owned petroleum and gas company PetroSA, which, like other SOEs, has had to deal with a bruised and battered balance sheet and a legacy of state capture and corruption.PetroSA reported a net loss of R1.4bn in 2017, a net loss of R382.3m in the 2018 financial year and a net loss of R2.08bn in the 2019 financial year. The auditor-general has said the entity’s weak finances cast doubt over whether it can continue operating.After the appointment of a new board under Baleni and the subsequent formation of a new executive team, PetroSA is expected to deliver on its turnaround strategy this month.Baleni tells the FM his departure from t...

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