EDITORIAL: Sasol’s history-making financial disaster
Sasol’s epic R91.3bn loss for the year to March not only exceeds SA’s entire loan from the IMF and African Development Bank, it leaves state-owned basket cases like PetroSA in the shade
20 August 2020 - 05:00
Adherents of the private sector efficiency theory will have been startled to read that the bungling engineers at Sasol turned in an epic R91.3bn loss for the year to March. It not only exceeds SA’s entire loan from the International Monetary Fund and African Development Bank, it leaves state-owned basket cases like PetroSA in the shade.
At the heart of Sasol’s loss lies an R111bn impairment, R73bn of which relates to its Lake Charles project in the US. It was billed as Sasol’s future, but it almost ended up being its end...
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