JOHANNESBURG – The Central Energy Fund yesterday admitted that it oversold its strategic fuel stock for $280million two years ago after the Parliamentary Portfolio Committee on Energy demanded more answers on the transaction. The CEF said the sale was now the subject of investigations and legal action with board members having already filed affidavits.
“As the CEF board, we are confident that those investigations have been managed very well. There will be consequences,” said Maqubela.“It is important that we give those processes and court processes ; that we do not contaminate the evidence that is glaring. We believe we are at the end of the SFF matter.”
“On the proceeds on strategic sale, we did receive $280m, and that money is in the ring-fenced account. That money is in US dollars. At year-end, it was R3.38bn,” said Makhuba.
Source: News Formal (newsformal.com)
busrep Keyword Strategic. We have idiots running the country
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JUST IN: Group Five placed in business rescue | IOL Business ReportThe group and its subsidiaries have said to have been experiencing cash flow difficulties due to significant operating losses. busrep interesting move
Source: IOL - 🏆 46. / 51 Read more »
Cassava Fintech launches cross border money service from SA to Africa | IOL Business ReportCassava Fintech South Africa has launched an enhanced cross-border money transfer service from South Africa to the rest of Africa
Source: IOL - 🏆 46. / 51 Read more »
Absa restructuring puts hundreds of jobs at risk | IOL Business ReportFinance labour union Sasbo was notified to begin consulting staff on the potential impact of the move, union representative Philip Landman said. busrep Interesting that all the banks are shedding staff - Nedbank had net reduction in headcount, as did Standard and now Absa. Shows what technology in particular can do.
Source: IOL - 🏆 46. / 51 Read more »
Goodbye Taxify, Bolt is here to speed up growth | IOL Business ReportBolt previously known as Taxify said the name will reflect their mission of building ways to move in cities, be it by car, scooter or motorbike.
Source: IOL - 🏆 46. / 51 Read more »
SARB nationalisation alarms market, sinks rand | IOL Business ReportThe domestic currency immediately weakened, giving up earlier gains as a consequence and was trading at R14.34 to the US dollar at around 3:30pm. But it is nationalised. This whole thing is so stupid smh. CR is behaving worse than the flip-flop party. The same as ZUMA the same shit ,the same corruption THE SAME GANGSTER
Source: IOL - 🏆 46. / 51 Read more »
Property investors need to be flexible | IOL Business ReportThere are those who believe you should never sell an investment property especially if it’s paid off, generating an income ...
Source: IOL - 🏆 46. / 51 Read more »
FlySafair passengers can now receive their boarding passes via WhatsApp | IOL Business ReportThe company stated that it will be beneficial to passengers who have not made the booking themselves.
Source: IOL - 🏆 46. / 51 Read more »
Socially conscious' manufacturer lands major contract with the Shoprite Group | IOL Business ReportVerigreen, has been awarded a multi-million rand contract to supply 25 different products under the Shoprite Group’s Ritebrand and Housebrand labels.
Source: IOL - 🏆 46. / 51 Read more »
Before end of March there will be something, says minister amid SABC woes | IOL Business ReportThe South African Broadcasting Corporation (SABC) was heading for factual insolvency by the end of March.
Source: IOL - 🏆 46. / 51 Read more »
SA, Zimbabwe vow to expand economic ties, send condolences to Ethiopia | IOL Business ReportRamaphosa, Mnangagwa concluded the Bi-National Commission (BNC) in Harare on Tuesday, with calls for the expansion of trade and economic ties.
Source: IOL - 🏆 46. / 51 Read more »