PetroSA Ltd. said it is in talks to put its chief executive officer and two other executives on leave pending a probe into their performance.
The discussions with Chief Executive Officer Nosizwe Nokwe-Macamo, Chief Financial Officer Lindiwe Mthimunye-Bakoro and Acting Vice President of Upstream Operations Andrew Dippenaar involve “a view to them being placed on leave pending an investigation into their performance and company-related matters,” Zama Luthuli, a spokeswoman for PetroSA, said in an e-mailed statement Thursday.
The national oil company started a process earlier this year to cut jobs as it struggles to find natural gas to supply the 45,000 barrel-a-day Mossel Bay plant. It also sought and failed to buy Petroliam Nasional Bhd’s stake in the nation’s biggest fuel retailer, Engen.
The National Treasury in January denied a request from PetroSA to borrow internationally for the deal, which would have allowed it to sell fuel directly to consumers.
“Dependent on the outcome of these discussions, PetroSA shall consider the appointment of an interim management team to oversee ongoing operational and strategic issues in conjunction with the PetroSA board of directors,” Luthuli said.
In March, the board of Eskom suspended its CEO and three other executives pending an independent inquiry over the poor state of the business, which is struggling to meet demand for electricity by the continent’s most-industrialized country.
In November, the government’s Central Energy Fund rescinded the appointment of Tshepo Kgadima as chairman and director of PetroSA.
- Bloomberg
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