As the alleged wrongdoing at Bishops Diocesan College shows, equating wealth with virtue is a bad idea, writes Helena Wasserman.
High level clouds. Mild.
The probe concerns the sale of 10.3 million barrels of oil by the Strategic Fuel Fund in late 2015 when global oil prices were at a historic low.
Turning around state oil company PetroSA is one of the biggest priorities of its parent company, the Central Energy Fund.
PetroSA is at the centre of a fresh storm, as senior staffers have been accused of fraud and corruption in a case now being investigated by the Hawks.
State-owned oil company PetroSA was been saved from an imminent R7.4 billion cash crunch by the minister of environmental affairs, Edna Molewa.
The Central Energy Fund's board wants a court to declare an illegal sale of SA's strategic oil reserves void, and plans to launch a full-scale probe into the Strategic Fuel Fund and PetroSA, a source told Fin24.
The Central Energy Fund board chairperson says the fund is still calculating how much SA lost when 10.3 million barrels from its strategic fuel reserve were sold off in 2015.
PetroSA has signed a deal with Russian exploration company Rosgeo which is expected to bring oil and gas development of about $400m to South Africa.
The Central Energy Fund has appointed an interim board for PetroSA as financiers seek assurances after PetroSA’s botched Project Ikhwezi made a R14.5bn loss.
Four of the six remaining board members at PetroSA have tendered their resignations, according to a report.
PetroSA this month began a process of laying off 15% of its employees in a bid to keep the struggling state oil company from going into business rescue.
Investigations into the disposal of strategic crude oil stock in December 2015 are expected to draw to a close soon, members of Parliament heard.
Low crude oil prices are taking their toll on national oil company PetroSA, and the Auditor General has raised concerns over its ability to continue operating in future.
Energy Minister Jeff Radebe supports the Central Energy Fund's turnaround strategy to nurse PetroSA back to health.
The state owned company has suffered various setbacks including a R1.4bn loss in the 2016-17 financial year and the resignation of board members in the midst of its financial bedlam.
Facing insolvency, the Central Energy Fund is being dogged by a dodgy fuel deal and uncertainty over the role of the resources minister.
PetroSA’s net loss of R1.4bn in the 2016/17 financial year casts doubt on whether the state-owned entity would be able to continue operating, the Auditor General says in a report.
Energy Minister Mmamoloko Kubayi has denied that she had suspended the Central Energy Fund's board members.
Financiers seek assurances in the wake of the gross mismanagement and incompetence that led to Project Ikhwezi’s collapse.
The domination of big players in the liquefied petroleum gas sector and unregulated prices keep out small players and lead to market abuse, says the Competition Commission.
The Central Energy Fund is handling certain issues regarding its subsidiary Petro SA internally and will make its decisions known in time, says a spokesperson.
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