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Real Economy News in Real Time
R/€ = 15.73 Change: 0.00
R/$ = 14.00 Change: 0.01
Au 1421.69 $/oz Change: 17.83
Pt 849.35 $/oz Change: 10.95
 
 
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Forensic audit into sale of SA fuel stocks complete – Mantashe

11th July 2019 BY: African News Agency

A forensic probe into the selling off of South Africa's strategic fuel stocks was complete, Mineral Resources and Energy Minister Gwede Mantashe said on Thursday.

Tabling the energy department's budget vote, Mantashe said: "The forensic audit into the developments at the SFF [Strategic Fuel Fund] is complete. We are considering various options on how to deal with the issues it highlights, taking into account all affected parties and the needs of our country."

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Mantashe did not elaborate on the findings in the audit, except to say the department was attending to it.

Between December 2015 and January 2016, South Africa’s strategic oil reserves were sold to several companies without due processes being followed.

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No approval was sought from the boards of directors of both the Central Energy Fund and the SFF. At the time, the decision to sell off the oil reserves was also done without notifying the minister of finance, as is required by law.

The 10.3-million barrels of oil were sold for $28 dollars a barrel to several companies even though it was worth close to $40 dollars a barrel at the time.

The Directorate for Priority Crime Investigation, more commonly known as the Hawks, is investigating the sale. 

EDITED BY: African News Agency
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