Kubayi promises to act against those who sold SA’s oil reserves illegally
Energy Minister Mmamoloko Kubayi is to investigate what legal avenues exist to hold accountable former employees of the Strategic Fuel Fund (SFF) who sold SA’s strategic oil reserves. Kubayi has received a report on the sale — which she stressed was indeed a sale and not a "rotation of stock" as her predecessor, Tina Joemat-Pettersson, had claimed. This is the first time the government has admitted this was a sale and not a stock rotation. In December 2015, 10-million barrels of crude oil were sold secretly by the SFF at a substantial discount to the prevailing market price. The auditor-general declared the sale illegal and former minister Joemat-Pettersson initiated a review of the deal. Kubayi said she had instructed the board of the Central Energy Fund, the parent company of the Strategic Fuel Fund, to take action if possible against those responsible. They had acted without the authority of the SFF board. If they were still employed, she would ensure they were suspended immediat...
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