Four of PetroSA’s six remaining board members resigned on Tuesday, leaving the ailing petroleum fuel parastatal with no quorum. The former eight-member board needs a minimum of three members to make any decision. The latest exits came after Central Energy Fund (CEF) chairman Luvo Makasi wrote to the board in late April instructing its members to resign with immediate effect, or submit oral representations at the annual general meeting as to why they should stay. The CEF is PetroSA’s holding company. In May, Business Day was informed that board members Frans Baleni and Tebogo Rakgoale had tendered their resignations. Now interim board chairman Wilfred Ngubane, Thami Hlongwa, Johlene Ntwane and Banothile Makhubela have resigned. This leaves Owen Tobias and William Steenkamp as the only two remaining board members. The CEF said on Tuesday it would not comment on internal processes at PetroSA until "such time that the CEF feels it is necessary". Business Day has reported that the board ...
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