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Energy Minister suspends Central Energy Fund board, including acting CEO and CFO

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Energy Minister Mmamoloko Kubayi. (Pic: Liesl Peyper, Fin24)
Energy Minister Mmamoloko Kubayi. (Pic: Liesl Peyper, Fin24)

Cape Town – Energy Minister Mmamoloko Kubayi has suspended the Central Energy Fund (CEF) board, including its acting chief executive, chief financial officer and company secretary.

Fin24 was tipped off about the suspension by a source on Monday. CEF spokesperson Jacky Mashapu declined to comment, pointing journalists to their shareholder, Kubayi. Her spokesperson, Nomvula Khalo, told Fin24 on Tuesday that the minister is unable to respond  to questions related to CEF as they are "internal matters".

A report in the Business Day confirmed the tip-off on Tuesday, explaining that the suspension occurred after the board was called to a meeting last Thursday regarding the controversial stock rotation issue. They were given until 17:00 on Monday to respond to questions regarding the issue, the paper reported.

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